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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Hsbc Holdings Plc | LSE:HSBA | London | Ordinary Share | GB0005405286 | ORD $0.50 (UK REG) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1.70 | 0.26% | 663.60 | 663.70 | 663.80 | 665.80 | 661.10 | 663.10 | 15,524,054 | 16:35:22 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Offices-bank Holding Company | 65.91B | 23.53B | 1.2338 | 22.65 | 533.13B |
From Apr 2021 to Apr 2024
By P.R. Venkat
HSBC Holdings PLC has entered into an agreement to buy the mutual fund business of L&T Finance Holdings Ltd. for $425 million as part of the U.K. bank's efforts to build its asset management business in India.
The acquisition will be made by HSBC Asset Management (India) Pvt. Ltd., L&T Finance said late Thursday.
The operations of L&T Investment Management Ltd., which is the manager of the mutual fund business, will be merged with that of HSBC's existing asset management business in India, which had $1.6 billion assets under management as of end September.
"The transaction with HSBC is in line with our strategic objective of unlocking value from our subsidiaries which will help us to strengthen our balance sheet for our lending business," said Dinanath Dubhashi, chief executive of L&T Finance.
J.P. Morgan and Citigroup advised L&T Finance on the deal.
Write to P.R. Venkat at venkat.pr@wsj.com
(END) Dow Jones Newswires
December 23, 2021 19:08 ET (00:08 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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