HSBC Holdings plans to close nearly half of its branches in India and focus more on digital banking to expand its consumer business in the country.
The bank said in a statement Thursday that it will shut 24 of its 50 retail branches in India as it seeks “the right mix of digital versus physical branch distribution”, Bloomberg News reported.
The outlets to be closed are said to account for less than 10 percent of HSBC’s retail customer base in the South Asian nation.
The move to prune the India branches comes as part of the London-based bank’s efforts to cut costs and improve earnings.
Since 2011, the bank has exited at least 80 businesses and reduced its footprint to about 71 countries and territories from 88, Bloomberg noted.
HSBC said it remains committed to India despite reducing its branches and also shutting its private banking operations in the market.
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