HSBC sells stake in UTI Bank
Hongkong Shanghai Banking Corporation (HSBC) has said that they have sold around 7.19 per cent of the shares of UTI Bank in the stock market. The company sold this stake for around Rs 638 crores in the Indian stock market and has brought down their share in the market to around 4.99 per cent.
HSBC sold these shares in the market at an average stock price of Rs 318.61 each through the Bombay stock exchange. HSBC India group General Manager and CEO Niall S K Booker said in a statement that the company decided to lower its stake in the company ”to realize a better return of our strategic investment in the bank’’.
He added: ”UTI Bank is a profitable, well-managed private bank in India, and our purchase of shares in it has been a successful financial investment. ”In-line with the present regulation and to take advantage of the market strength, we are taking the opportunity to reduce our stake and realize some of the gains of our investment.”
Sounds like a very logical decision taken by the company in the better interests of their own stockholders and customers.
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