HSBC says losing money in China, India retail banking

Markets Reuters

HONG KONG (Reuters) - HSBC Holdings Plc <HSBA.L>, 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.

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HSBC <0005.HK> Chief Executive Stuart Gulliver was speaking during a shareholders' meeting in Hong Kong.

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

(Reporting by Kelvin Soh; Editing by Chris Lewis)