HSBC to Shut Down Private Banking Business in India

Global banking major HSBC on Friday announced shutting down of its private banking business in India that offers wealth management services. "After a strategic review of our global private banking operations here, we have decided to close down the business," a bank spokesperson said. Some 70 people working in the division headed by Shantanu Ambedkar will now be absorbed into the retail bank, officials said. The bank made the annou...