HSBC Holdings Plc to shut Indian private banking operations
Q. HSBC Holdings Plc has made which decision after a strategic review on 27th November 2015?- Published on 30 Nov 15a. Shut its India private banking operations
b. Close its international retail banking operations
c. Stop wealth management programs and projects
d. Cease to provide insurance
ANSWER: Shut its India private banking operations
HSBC Holdings Plc has made the decision to shut private banking operations in India after a strategic review. Private banking customers will have the option to be a client of HSBC Premier, a global retail banking and wealth management proposition. Indian private banking HSBC unit has 70 clients and around 32,000 employees in India. HSBC India reported 12 per cent dip in pre-tax profit for the January-June period at USD 335 million due to a fall in the merchant banking, retail banking and wealth businesses.
