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HSBC buys India's top wealth manager for $1.8bn

Source: ft.com

HSBC is buying India's largest wealth manager to expand in the fast-growing market.
The deal values the business at $1.8 billion and involves buying out RBI's 20% stake.
It strengthens HSBC's position against rivals like Citigroup in India's wealth sector.

HSBC has agreed to acquire HDFC Bank's wealth management business, India's biggest by assets, for $1.8 billion. The UK-based bank is buying out the Reserve Bank of India's 20 per cent stake and partnering with HDFC Bank to tap into the country's booming wealth market. This move helps HSBC grow in high-net-worth services amid rising competition, positioning it better to serve wealthy Indians and expatriates.