There will be no loss of jobs because of the closure decision, said a bank spokesman.

The closure of private banking business is not related to the controversy of black money accounts of over 1,000 Indians in HSBC Geneva. The spokesperson said HSBC is investing in its HSBC Premier product in India to enhance its range of products and services.

The organisation is silent on the size of portfolio handled by its private banking division in India or the number of people employed in the division.

HSBC now joins Morgan Stanley and Royal Bank of Scotland in exiting the private banking space as a part of the business rejig process.

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