HSBC Holdings Plc will shut its private banking business in India, a spokesman said, marking the exit of another foreign bank from the cut-throat business in Asia’s third-largest economy.
Many foreign wealth managers had scrambled to open up shop in India a few years ago and aggressively ramped up operations to take advantage of India’s robust economic growth, only to find themselves struggling.
Even though India’s economy has been minting millionaires at a strong pace, it has failed to translate into profits for the foreign wealth managers that have set up teams of well-paid bankers to help manage those riches.
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