HSBC India unit acquires L&T's mutual fund arm for $425m

HSBC India unit acquires L&T's mutual fund arm for $425m

Credit: Flickr/Gyver Chang

HSBC‘s Indian asset management unit is buying the mutual fund arm of India’s L&T Finance Holdings for $425 million to strengthen its local operations, the bank said on Thursday.

HSBC intends to merge L&T Investment Management Limited (LTIM) with HSBC Asset Management (India) Private Ltd, its existing $1.6 billion asset management business in India, HSBC and L&T said in separate statements.

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