HSBC, Britain's biggest bank, has sold two non-core assets in India.
The sales of small stakes in Axis Bank and Yes Bank have raised $425m.
HSBC is a major player in India with around 30,000 employees and interests in orthodox banking, investment banking and capital markets.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
At 11:37 the stock was down 2.3%, possibly having caught the backdraft from news that Barclays bank manipulated the key London Interbank Offer Rate (LIBOR).
BS
-
Parental contributions to kids' university living costs could reach £14,000 a yearParents helping kids with university living costs face contributions of up to £14,000 per year, according to a report from HEPI and TechnologyOne.
-
Rightmove: property asking prices hit record highNews Rising demand for top of the ladder home is boosting asking prices, Rightmove research shows. Is now a good time to sell a property?
