HSBC (4)

HSBC has announced that it will close its private banking operations in India after rising wealth in the country has led to intense competition between banks.

The bank said it will give customers the option to switch to its retail banking division.

RBS and Morgan Stanley have also stepped back from their private operations in India.

The private banking division is due to close early next year, and the future of its 70 staff will be decided closer to the date.

A HSBC spokesperson in India said: "This marks further progress in the HSBC group strategy to simplify business and deliver sustainable growth."

HSBC employs around 32,000 people in India.