HSBC says losing money in China, India retail banking

HSBC Holdings Plc, Europe's biggest bank, is losing money in its India and China retail banking operations, but will keep the businesses because the bank needs the yuan and rupee deposits, its chief executive said on Thursday.

May 19, 2011 / 18:49 IST

HSBC Holdings Plc, Europe's biggest bank, is losing money in its India and China retail banking operations, but will keep the businesses because the bank needs the yuan and rupee deposits, its chief executive said on Thursday.

HSBC Chief Executive Stuart Gulliver was speaking during a shareholders' meeting in Hong Kong.

Also see: HSBC on talent hunt; Aims to boost branch presence locally

The lender said earlier this month that it intended to cut back on its retail banking business and may sell its US credit card arm in a move that could cut USD 3.5 billion in costs and revive flagging profitability.

first published: May 19, 2011 03:00 pm

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