London-based Hong Kong and Shanghai Bank Corporation (HSBC) has decided to shut its private banking business in India by March 2016.
In the past, Morgan Stanley and RBS had discontinued their private banking business in the country. Citi, too, is targeting the mass affluent category with its new platform Citi Priority.
"After a strategic review of the global private banking operations in India, we have decided to close the business. This marks further progress in the HSBC group strategy to simplify business and deliver sustainable growth," said a bank spokesperson.
The bank said it would not lay off these employees and they would be given the option to move to HSBC Premier, the bank's retail banking division. Private banking customers, too, would be given the option to move to retail banking services.
HSBC is planning to complete the migration in the first quarter of 2016.