HSBC Financial Services Middle East has picked up a 4.99 per cent stake in Yes Bank in the secondary market. HSBC refused to comment, while Yes Bank said “There is no arrangement for any cooperation with HSBC at this stage.’’ This may be an investment by HSBC or a non-event, depending on how one looks at it. HSBC had originally picked up a little over 14 per cent stake in UTI Bank and had to pare it to 4.99 per cent at the behest of the Reserve Bank of India (RBI).
If HSBC action in other countries is an indicator, HSBC may lobby to have the rules changed in their favor. HSBC clearly sees India as a profitable market and would like to buy an Indian bank.
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