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Article: HSBC TO RETAIN UTI BANK HOLDING, AWAITS RBI NORMS TO UP STAKE.
- Article from:
- AsiaPulse News
- Article date:
- November 5, 2004
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NEW DELHI, Nov 5 Asia Pulse - Banking major HSBC said it will decide on hiking its 14.6 per cent stake in UTI Bank (BSE:UTBK) after the government comes up with a policy on foreign direct investment (FDI) and voting rights.
"UTI Bank is a good bank... Once new regulations and federal bank Reserve Bank of India (RBI) guidelines come up, we will decide on it (hiking stake or not)," Niall Booker, the CEO of HSBC India, said Thursday.
The RBI in its draft norms has envisaged that foreign banks will be allowed to hike their stake in Indian banks by 5-10 per cent while the previous NDA government has allowed 74 per cent foreign holding in private banks.
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