HSBC ends UTI dream

HSBC closes a chapter on its Indian ambitions with the sale of a stake in UTI Bank.

HSBC raised $145 million late last week after selling a 7.19% stake in UTI Bank, the banking subsidiary of IndiaƆs largest mutual fund, the Unit Trust of India. The stake was sold to a small handful of funds including Fidelity Funds Mauritius, Crown Capital and Master Trust Bank.

HSBC divested the shares at an average price of Rs.318.60 each versus an acquisition price of Rs90 from private equity fund Actis then CDC Capital Partners. As such the bank has...

To continue reading, please login or register for free

Click for more on: hsbc | uti | bank | india

Print Edition

FinanceAsia Print Edition


  • 2nd Compliance Summit Southeast Asia

    17 August 2017  |  Singapore
    The 2017 Compliance Summit Southeast Asia will take an in-depth look at the key compliance considerations today with a focus on regulation and new ...