British banking major HSBC Holdings Plc plans to close 24 branches in India, a decision that will impact around 10 per cent of the company's retail customer base and lead to 300 jobs losses. HSBC employs over 33,000 people in the country.
HSBC's decision to downsize its India operations comes after a strategic review of its retail banking and wealth management business, which showed customers are increasingly opting for digital banking services.
HSBC 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.
"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 move comes five months after HSBC said it was exiting its private banking unit in India as part of its group strategy.
HSBC said 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."
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