HSBC buys 20% in UTI Bank
By Mumbai: | 03 Dec 2003
According
to Securities and Exchange Board of India guidelines,
HSBC''s latest acquisition will attract an open offer.
This is the second acquisition by a foreign bank in India
in the recent past, the first being that by Dutch bank,
ING group, in Vysya Bank.
HSBC is understood to have bought the 20.08-per cent stake from two private funds — 12.37 per cent from CDC Financial Services (Mauritius) Ltd and 7.71 per cent from the CDC-controlled South Asia Regional Fund.
