HSBC has decided to wind up nearly half of its retail branches in India following a strategic review of its Retail Banking and Wealth Management (RBWM) business in the country.
The bank’s network will consolidate from 50 branches across 29 cities to 26 branches across 14 cities.
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"This change reflects changes in customer behaviour, who are increasingly using digital channels for their banking," the bank said in a statement.
The branches being consolidated account for less than 10% of HSBC’s retail customer base in India.
The bank added that it does not expect any additional branch consolidation.
HSBC India group general manager and CEO Stuart Milne said: "This move aims to position our RBWM business for the future, with the right mix of digital versus physical branch distribution. Customer expectations are changing rapidly and we need to adapt accordingly.
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By GlobalData"India is a priority market for HSBC and we will continue to invest to achieve sustainable growth by supporting the needs of our customers in Retail Banking and Wealth Management, Global Banking and Markets, and Commercial Banking, businesses where we have scale and a highly differentiated proposition."
