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HSBC closes its retail brokerage business

Published on Saturday, November 23, 2013 by Team | Modified on Wednesday, July 22, 2015


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HSBC closes its retail brokerage business

On Oct 17th 2013; HSBC announced shutting down its retail broker business and depository services operated under HSBC InvestDirect Securities.

HSBC India entered the retail brokerage business in May 2008 by acquiring a 73.21% stake in IL&FS Investsmart for $241.6 million.

HSBC entered in the India retail brokerage business just before the worldwide financial crisis started. Company struggled for over 5 years as the Indian retail brokerage industry has not been doing well due to high volatility in the market. Stiff competition from other brokerage houses squeezed commissions and made it impossible for HSBC retail brokerage business.

This is among the first causality of a brokerage house in struggling in India. This is also a lesson for traditional broker; who are squeezing investors by charging a very high brokerage.

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