HSBC to close India private banking unit as competition grows

By Sumeet Chatterjee MUMBAI (Reuters) - HSBC Holdings Plc is closing its private banking unit in India as part of its group strategy, the bank said, marking the exit of another foreign bank from the cut-throat wealth management business in Asia's third-largest economy. The bank would offer private banking clients the choice to move to HSBC Premier, the bank's global retail banking and wealth management platform, a Mumbai-based spokesman said. "After a strategic review of the global private banki