British multinational bank HSBC set to close it’s private banking operation in India

The Hongkong and Shanghai Banking Corporation (HSBC) – India has announced to exit  india’s wealth market. Bank would offer choice to it’s private banking clients to move to either HSBC’s global retail banking or wealth management platform. Also, company agrees to move employees to it’s Premier banking business under HSBC’s retail banking. The changes are expected to be completed in the first quarter of 2016.