Deals
HSBC Buys India’s L&T Investment Management for $425 Million
- Proposed transaction follows bank’s purchase of AXA Singapore
- CEO Quinn says deal will boost HSBC’s asset management unit
HSBC headquarters in the Canary Wharf business, financial and shopping district in London.
Photographer: Luke MacGregor/BloombergThis article is for subscribers only.
HSBC Holdings Plc has said it will buy the investment management unit of India’s L&T Finance Holdings Ltd, the latest push to build up the Asian wealth and investment business that is at the forefront of the bank’s turnaround plans.
The London-headquartered lender said it had agreed terms to acquire L&T Investment Management, which had looked destined to be bought by Blackstone Inc. after the US fund management group was reported to be exploring a bid.