Its employees will be redeployed to other bank operations.
HSBC will be closing its private banking unit in India as part of an effort to pursue its group strategy.
According to an online article from Reuters, this indicates the exit of another foreign bank from the wealth management business in Asia’s third largest economy.
Following the move, a Mumbai-based spokesman was quoted as saying that HSBC’s private banking clients will be offered the choice to move to HSBC Premier. The process expected to be completed by the first quarter of 2016.
He was also quoted as saying, "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.