HSBC SHUTS PVT BANK­ING OPS IN IN­DIA; JAIL FOR WHISTLE­BLOWER

Hindustan Times ST (Mumbai) - HT Navi Mumbai Live - - FRONT PAGE - HT Cor­re­spon­dents ht­metro@hin­dus­tan­times.com

HSBC In­dia said on Fri­day it was shut­ting down its pri­vate bank­ing busi­ness in the coun­try fol­low­ing a world­wide strate­gic re­view, making it the third for­eign fi­nan­cial ser­vices ma­jor to get out of this busi­ness af­ter Royal Bank of Scot­land and Mor­gan Stan­ley.

Pri­vate bank­ing in­volves man­ag­ing the wealth of in­di­vid­u­als with net worth of Rs10 crore and higher, and in­cludes al­lo­cat­ing the right in­vest­ment op­tions, han­dling fam­ily of­fice ser­vices and bring­ing in trustee­ship ser­vices. It is typ­i­cally vul­ner­a­ble to laun­der­ing sus­pi­cions. In 2006, Herve Fal­ciani, an em­ployee of HSBC Geneva, leaked a list that in­cluded 600 In­dian names al­leged to have un­ac­counted money. Fal­ciani has been sen­tenced to five years in prison for ag­gra­vated in­dus­trial es­pi­onage, the bank said on Fri­day, adding it wel­comed the rul­ing.

CON­TIN­UED ON P10

RE­LATED RE­PORT, P19

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