HSBC is to almost halve its branch network in India from 50 to 26 following its decision to shut down its private banking business targeted at the wealthy. Earlier, this week another foreign lender, Royal Bank of Scotland (RBS) also announced that it has started the process of closure of its ten branches in the country. HSBC India's CEO, Stuart P Milne, said: "This move aims to position our retail business for the future, with the right mix of digital versus physical branch distribution. We are also working on a new product offering that will be launched later this year."
HSBC is to almost halve its branch network in India from 50 to 26 following its decision to shut down its private banking business targeted at the wealthy. HSBC India's CEO, Stuart P Milne, said: "This move aims to position our retail business for the future, with the right mix of digital versus physical branch distribution. We are also working on a new product offering that will be launched later this year."