HSBC to exit India

[Guynextdoor2]

Or probably there is really no business in India.

HSBC is returning to HK.
HK and Shanghai Banking Cooperation.

How can it happen?
@AndrewJin @Wolfwind

'Private Banking' till now has almost been money laundering. Stricter KYC (know your customer0 norms have made things more difficult here. Guess if it's 'flourishing' in china then money laundering probably flourishing too.

 

[AnnoyingOrange]

A world wide well known bank exit India. Doesn't sounds a shiny news for India.

Are you for real.. can you even read English.. or your very high IQ does not allow you to read.. it said only Private banking operations are getting closed... which anyways are non profitable due to their own stupid policies...

 

[Echo_419]

A world wide well known bank exit India. Doesn't sounds a shiny news for India.

The article says its not Abel to keep up with the competition

 

[suresh1773]

OK

the Chinese don't know the charges levied by foreign banks in India and are the cost of their overheads r quite high. Due to recession and stiff competiton,they r finding it very hard to make any profit. HSBC also have closed their operations in Brazil

 

[Echo_419]

Or probably there is really no business in India.

More like they got exposed for laundering money

 

[Kashmiri Pandit]

Wasn't HSBC related to black money and corrupt practices ???

 

[Ryuzaki]

Very few international corporations have burnt their hand in India,one I remember was Peugot

 

[RazorMC]

Money Laundering.

There are local alternatives for that too, no need to involve HSBC.

But HSBC did aim esp for clients who needed laundering services.

 

[AnnoyingOrange]

No wonder with this :
Money laundering: probed HSBC India’s preventive processes in March-April, says RBI | Business Line

The chances are that they fear something like this: HSBC pays out £28m over money-laundering claims | Business | The Guardian


So they are running away.

 

[Manindra]

There are local alternatives for that too, no need to involve HSBC.

But HSBC did aim esp for clients who needed laundering services.

But not that resourceful like HSBC.

 

[mpk1988]

Or probably there is really no business in India.

Or maybe you are too dumb to understand anything ?