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.
Photo: Bloomberg
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.
