HSBC takes an option on India

British bank gambles on rule change through acquisition of UTI Bank stake.
December 05, 2003

HSBC's agreement last week to acquire a stake in UTI Bank took the market by surprise but represents another shrewd move by the world's local bank. The 14.72% stake cost HSBC $66.42 million and comes with a three-month option to buy a further 5.37% at the same price per share.

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