HSBC exits Axis Bank and Yes Bank

HSBC's sale of Indian bank shares yields $423 million

HSBC sells its stake in Axis Bank at a 4.5% discount and offloads its shares in Yes Bank at a 3.5% discount.

<div style="text-align: left;"> HSBC has announced at least 15 disposals or closures this year as partof a drive to dispose of non-core assets. </div>

Anette Jönsson

June 29, 2012

HSBC ended up raising $423 million from the sale of its entire holdings in India’s Axis Bank and Yes Bank after fixing the price of both transactions above the bottom of the indicated ranges — in the case of the smaller Yes Bank deal above the mid-point even.

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