The private foreign bank, HSBC, is soon going to exit from its banking business from India (according to reports).
According to a spokesperson, the operations of HSBC might soon be closed in India. This is a part of the HSBC group strategy for a sustainable growth.
It was said that although the economy of India is growing at rapid pace, yet it did not offered great profits to the wealth managers who are responsible for managing big teams of professional bankers.
HSBC spokesperson Mumbai, said that the clients would be given the choice of moving to the HSBC premier. HSBC premier is the global platform for wealth management and retail banking.
According to reports, the bank in India employs nearly 32000 people for managing the retail, investment and corporate banking services.
On the other hand, the sources from wealth management industry said that HSBC was not among the top three players. Thus, the competition was increasing for the bank.
This decision by the bank to exit from the banking business in India has arrived at a time when the wealth managers in India are putting all their efforts to hiring more staff and gain higher revenues by expanding in smaller cities.