HSBC selling its stakes to Axis Bank and Yes Bank(June 29 2012)

HSBC is selling its stakes in two non-core assets in India for $425 million as it continues to slim down its business and built reserves to cope with tougher regulations coming into force following the coming financial crisis.

The British bank said that it had sold 4.7%stakes in Indian Lenders Axis Bank and Yes Bank for Rs 1880 crore and Rs 550 crore respectively.

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