Tuesday, June 28th, 2022 03:14:59

HSBC to wind up private banking business in India

Updated: December 18, 2015 12:06 pm

British bank HSBC said that it will shut down its private banking business in India, an announcement that came amid an ongoing investigation by India’s tax department against individuals who had unaccounted foreign currency accounts in the bank’s Swiss branch. An HSBC spokesperson said the bank’s private banking business will be closed down by the first quarter of 2016 and some of its private banking clients will be moved to its premier banking division. An HSBC spokesperson said the bank’s private banking business will be closed down by the first quarter of 2016 and some of its private banking clients will be moved to its premier banking division.

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