HSBC to maintain 5% stake in Axis Bank

HSBC to maintain 5% stake in Axis Bank
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First Published: Wed, Aug 06 2008. 04 11 PM IST
Updated: Wed, Aug 06 2008. 04 11 PM IST
PTI
New Delhi: HSBC today said it would maintain its 5% in the country’s third largest private sector lender Axis Bank in the short term.
“It is portfolio investment. We would maintain our stake in the Axis Bank,” HSBC Country Head Naina Lal Kidwai told reporters here.
The government has 27% stake in the bank through Specified Undertaking of UTI.
There were reports that government plans to exit by selling 21% stake through qualified institutional investment.
Speaking about interest rate Kidwai said outlook on rates remains flat. Even now credit offtake seems to be strong.
Axis Bank shares were trading at Rs 742, down 2.48% on the Bombay Stock Exchange.
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First Published: Wed, Aug 06 2008. 04 11 PM IST