HSBC says to close 24 retail banking branches in India | Reuters

MUMBAI HSBC Holdings Plc said it plans to close 24 branches in India after a strategic review of its retail banking and wealth management business showed customers are increasingly opting for digital banking services. The bank said it would consolidate from 50 branches across 29 cities to 26 branches across 14 cities, and the closures will take place gradually over the next few months.

Reuters May 19, 2016 23:30:08 IST
HSBC says to close 24 retail banking branches in India 
| Reuters

HSBC says to close 24 retail banking branches in India 
 Reuters

MUMBAI HSBC Holdings Plc said it plans to close 24 branches in India after a strategic review of its retail banking and wealth management business showed customers are increasingly opting for digital banking services.

The bank said it would consolidate from 50 branches across 29 cities to 26 branches across 14 cities, and the closures will take place gradually over the next few months.

The move comes five months after the lender said it was exiting its private banking unit in India as part of its group strategy.

"India is a priority market for HSBC and we will continue to invest to achieve sustainable growth by supporting the needs of our customers," Stuart Milne, group general manager and chief executive officer of HSBC India, said in a statement.

The branches being closed account for less than 10 percent of the company's retail customer base in India, the bank said.

It added that it plans to invest further in its retail banking and wealth management business, and would soon announce "an expanded proposition to cater to its top tier clients and further technology deployments for the benefit of its retail customers."

(Reporting by Zeba Siddiqui in Mumbai; Editing by Keith Weir)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

also read

Supreme Court orders release of Manipur-based political activist detained under NSA by 5 pm
India

Supreme Court orders release of Manipur-based political activist detained under NSA by 5 pm

A plea by Leichombam Erendro's father alleged that Erendro was detained under the NSA solely to punish him for criticising BJP leaders purportedly advocating cow dung and cow urine as cures for COVID-19

Emmanuel Macron, Imran Khan among 14 heads of states on potential spyware list
World

Emmanuel Macron, Imran Khan among 14 heads of states on potential spyware list

Amnesty International also released a forensic analysis of the alleged targeting that showed Amazon Web Services was hosting NSO infrastructure

Babul Supriyo quits politics; says won't have to deal with 'uncouth comments' anymore
Politics

Babul Supriyo quits politics; says won't have to deal with 'uncouth comments' anymore

In a social media post, singer-turned-politician Babul Supriyo also said that he had differences with the state BJP leadership since his unsuccessful Assembly poll campaign