HSBC had sold its stakes in two non-core assets in India for $425 million as it
continues to slim down its business and build reserves to cope with tougher
regulations coming into force following the financial crisis. The British bank on
Thursday sold 4.7 percent stakes in Indian lenders Axis Bank and Yes Bank for
18.8 billion rupees and 5.5 billion rupees respectively. Earlier this year,
Citigroup sold its stake in top Indian mortgage lender Housing Development
Finance Corp for $1.9 billion, while U.S. private equity firm Warburg Pincus sold
its stake in Kotak Mahindra Bank Ltd to raise about $274 million.