London: HSBC said it had sold its stakes in two non-core assets in India for $425 million as it continues to slim down its business and build reserves to cope with tougher regulations coming into force following the financial crisis.
The British bank said on Thursday it had sold 4.7% stakes in lenders Axis Bank and Yes Bank for Rs 1,880 crore and Rs 550 crore respectively.
HSBC said in May that, as part of a three-year recovery plan, it had sold 28 businesses, taking 15,000 staff off its payroll, and releasing about $55 billion in risk-weighted assets.
Global institutional investors have been cashing in their holdings financial services firms.
Earlier this year, Citigroup sold its stake in top mortgage lender Housing Development Finance Corp for $1.9 billion, while US private equity firm Warburg Pincus sold its stake in Kotak Mahindra Bank Ltd to raise about $274 million.