HSBC is expected to cut down the number of branches in India to 26 from the current 50 as part of its strategy to
depend on digital channels for its retail banking clients. The bank said in a statement this change reflects changes in customer behaviour as customers are increasingly using digital channels for their banking. It added that the branches that are being closed down service less than 10% of its Indian customers. The bank also said the closure does not mean scaling down its operations in the country and it would continue to invest in all business verticals in the country. Stuart Milne, group general manager and CEO, HSBC India, said the bank wants to position its retail and wealth management business for the future, with the right mix of digital versus physical branch distribution. Customer expectations are changing rapidly and the bank needs to adapt accordingly, he added.
