HSBC to Buy India Mutual Fund Business for $425 Million
23 Dezembro 2021 - 9:23PM
Dow Jones News
By P.R. Venkat
HSBC Holdings PLC has entered into an agreement to buy the
mutual fund business of L&T Finance Holdings Ltd. for $425
million as part of the U.K. bank's efforts to build its asset
management business in India.
The acquisition will be made by HSBC Asset Management (India)
Pvt. Ltd., L&T Finance said late Thursday.
The operations of L&T Investment Management Ltd., which is
the manager of the mutual fund business, will be merged with that
of HSBC's existing asset management business in India, which had
$1.6 billion assets under management as of end September.
"The transaction with HSBC is in line with our strategic
objective of unlocking value from our subsidiaries which will help
us to strengthen our balance sheet for our lending business," said
Dinanath Dubhashi, chief executive of L&T Finance.
J.P. Morgan and Citigroup advised L&T Finance on the
deal.
Write to P.R. Venkat at venkat.pr@wsj.com
(END) Dow Jones Newswires
December 23, 2021 19:08 ET (00:08 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
HSBC (NYSE:HSBC)
Gráfico Histórico do Ativo
De Mar 2024 até Abr 2024
HSBC (NYSE:HSBC)
Gráfico Histórico do Ativo
De Abr 2023 até Abr 2024
