HSBC to Close Half of India Branches in Digital Banking Push
- Lender says it will shut 24 of 50 outlets in the country
- CEO Gulliver paring back global network to cut costs
Pedestrians walk by HSBC Bank in Mumbai.
Photographer: Kuni Takahashi/BloombergThis article is for subscribers only.
HSBC Holdings Plc plans to shut almost half its branches in India and rely more on digital banking to expand its consumer business in the South Asian nation.
The London-based bank will cut 24 of its 50 branches as it seeks “the right mix of digital versus physical branch distribution,” according to an e-mailed statement on Thursday. The outlets to be closed account for less than 10 percent of HSBC’s retail customer base in India, the lender said in the statement.