Hong Kong-Shangai Banking Corporation (HSBC) is looking forward to restructure its consumer banking business and wealth management of its India Operations, said a top Executive of the bank.
Mr. Gannesh Bharadwaj, head of retail banking and wealth management of HSBC said, "We have now tightened our credit standards and are using the credit bureau extensively". He further said, "The bank is now focusing on customers with deposits of over Rs 3 lakh, rather than going for mass customers, a move that did not go well with us in 2008".
HSBC has been cleaning its books since 2008, when its consumer banking business was facing loss on account of increasing bad loans.
The NPA stood at 0.62% in March 2012 and the retail banking business of HSBC recorded profit of Rs 383.63 crore at the end of March, 2012.
The bank has also set up customer value management cell. Mr. Bharadwaj said, "Globally, the retail banking business is being revamped. It is no more a product-driven approach. The 500 relationship managers will provide investment advice and also sell home and personal loans, credit cards and deposits".