HSBC buys Indian brokerage IL&FS Investsmart

HSBC buys 73% of brokerage firm IL&FS Investsmart in India for $261 million in a deal which gives it an established online trading platform and 138,000 customers.

HSBC has acquired a 73% interest in Indian brokerage firm ILFS Investsmart from its majority shareholders ETrade and Infrastructure Leasing Financial Services for Rs10 billion $241.6 million and will pay ILFS an additional non-compete payment of Rs820 million.

HSBC will buy a 43.85% stake from ETrade Mauritius, a wholly owned subsidiary of ETrade Financial, and 29.36% from ILFS. Both purchases have been priced at Rs200 per share. ILFS will also get Rs820.1...

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