Live
- Indian students' concerns about employment, safety, and visas discourage them from applying to UK universities
- Candlelight Concerts Makes a Dazzling Debut in Hyderabad with Sold-Out 'Tribute to Coldplay' Show
- Shubman Gill Sustains Thumb Injury Ahead of Perth Test; Devdutt Padikkal Joins Test Squad
- Unlock Loot Boxes, Diamonds, Skins, and More Exciting Rewards with Garena Free Fire Max Redeem Codes for November 16
- Regarding the DOGE Plan, Vivek Ramaswamy stated, "Elon Musk and I Will Take a Chainsaw to Bureaucracy"
- Sudanese army says repulsed paramilitary forces attack in western Sudan, killing over 80
- Jaipur Open 2024: Baisoya makes a grand comeback to clinch title in marathon playoff against Rashid Khan
- Jamaat-e-Islami Hind President asks cadre to reach out to larger society beyond community
- Why PM mum on Caste Census, removing 50 pc quota limit: Rahul Gandhi
- Barrackpore Municipality Vice-Chairman found dead at home, suicide note suggests blackmail
HSBC to shut down India private banking business
Highlights
HSBC Holdings Plc will shut its private banking business in India, a spokesman said, marking the exit of another foreign bank from the cut-throat business in India.
HSBC Holdings Plc will shut its private banking business in India, a spokesman said, marking the exit of another foreign bank from the cut-throat business in India.
"After a strategic review of the global private banking operations in India, we have decided to close the business," the Mumbai-based spokesman said. "This marks further progress in the HSBC group strategy to simplify business and deliver sustainable growth."
Many foreign wealth managers had scrambled to open up shop in India a few years ago and aggressively ramped up operations to take advantage of robust economic growth, only to find themselves struggling.
Even though India's economy has been minting millionaires at a strong pace, it has failed to translate into profits for the foreign wealth managers that have set up teams of well-paid bankers to help manage those riches.
Next Story
ADVERTISEMENT
