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 Asia’s third-largest economy.”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.”
Source: Reuters Many foreign wealth managers had scrambled to open up shops 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.