Global banking major HSBC will shut its private banking business in India, which offers wealth management services, a spokesperson announced on Friday. Earlier in the year, Royal Bank of Scotland also exited the private banking business in India. HSBC will close the division by March 2016, PTI reported. Select customers will be given a choice to move to HSBC Premier, its global retail banking and wealth management platform.

The private banking business offers onshore wealth management advice to clients, which included investments in mutual funds, bonds, debentures and other structured products. The bank’s private banking division was earlier investigated by the International Consortium of Investigative Journalists after it was discovered that over 1,000 Indians had invested around $4 billion in HSBC Geneva till 2007. Bank officials said the shutdown of the Indian private banking section was not linked to the scandal.