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HSBC investment arm buys 4.99% in Yes Bank

HSBC Financial Services Middle East has picked up a 4.99 per cent stake in Yes Bank in the secondary market.
The global investment arm of HSBC has been investing in the bank since January. “Like Rabo Bank investments, HSBC Financial Services Middle East’s investment in Yes Bank should be viewed as a financial investment. There is no arrangement for any cooperation with HSBC at this stage,’’ said Yes Bank managing director (MD) and chief executive officer (CEO) Rana Kapoor.
Rabo Bank holds around 18 per cent in Yes Bank.
During a recent interaction with Business Standard, HSBC group general manager and India head Naina Lal Kidwai had said, “HSBC has global investment arms which keep evaluating investment options. They invest in good portfolios.”
While HSBC refused comment on Tuesday, the strategic investment in Yes Bank has set the market abuzz with rumours. This is the second strategic investment made by the HSBC group in a bank after its investment in Axis Bank (earlier called UTI Bank). The group now holds a 4.96 per cent stake in Axis Bank.
HSBC had originally picked up a little over 14 per cent stake in UTI Bank and had to pare it to 4.99 per cent at the behest of the Reserve Bank of India (RBI).

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