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
-
Christmas at Chatsworth: review of The Cavendish Hotel at BaslowMoneyWeek Travel Matthew Partridge gets into the festive spirit at The Cavendish Hotel at Baslow and the Christmas market at Chatsworth
-
Tycoon Truong My Lan on death row over world’s biggest bank fraudProperty tycoon Truong My Lan has been found guilty of a corruption scandal that dwarfs Malaysia’s 1MDB fraud and Sam Bankman-Fried’s crypto scam
