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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.

HSBC headquarters in the Canary Wharf business, financial and shopping district in London.

Photographer: Luke MacGregor/Bloomberg
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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.