21 May 2016 Current Affairs: UK based banking giant, HSBC Holding Plc stated that it plans to close 24 branches in India. The decision comes after a strategic review of its retail banking and wealth management business showed customers are increasingly opting for digital banking services. This decision will impact around 10 % of the company's retail customer base and lead to 300 jobs losses.
Presently, HSBC employs over 33,000 people in the country. But now the bank would consolidate from 50 branches across 29 cities to 26 branches across 14 cities, and the closures will take place gradually over the next few months.
HSBC Bank : HSBC Bank plc is one of the largest banking and financial services organisations in the world. HSBC's international network comprises around 7,500 offices in over 80 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa.HSBC Bank plc is one of the four major clearing banks in the United Kingdom and is a wholly owned subsidiary of HSBC Holdings. The business ranges from the traditional High Street roles of personal finance and commercial banking, to private banking, consumer finance as well as corporate and investment banking. Across all brands the bank operates some 1800 sites in the UK.