News : HSBC India to Close 24 Branches in 15 Cities
Mumbai, India, May 20, 2016 -- Following a strategic review of its business in India, HSBC India, part of London-based banking provider HSBC, has decided to close 24 branches in 15 Indian cities in order to "reflect the changes in customer behaviour, who are increasingly using digital channels for their banking". The HSBC network will consolidate from 50 branches across 29 cities to 26 branches across 14 cities, it said in a statement.
"HSBC does not expect any additional branch consolidation beyond that being announced today," it said. The consolidation of the branch network will take place over the coming months in a phased manner. The bank’s priority is to ensure that the changes are implemented in a manner which will minimise disruption to its customers and its staff, it said. Less than 1 per cent — around 300 — of its total number of employees — 33,000 in India — will be impacted by the bank’s decision, it said. The bank is planning to redeploy the employees in other businesses.
According to the bank, it will advise customers about the changes. "Customers are encouraged to visit their local branch or call the bank’s call centre to find out more about how this impacts them. The branches being consolidated account for less than 10 per cent of HSBC’s retail customer base in India," it said.
Posted by Veronica Silva Cusi, news correspondent
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HSBC Holdings plc is a public limited company incorporated in England and Wales in 1990, and headquartered in London since 1993.
Published: Monday, May 23, 2016