HSBC to acquire L&T Investment Management
By MYBRANDBOOK
HSBC Holdings Plc is said to buy the investment management unit of India’s L&T Finance Holdings Ltd.
The buyout is seen as the latest push to build up the Asian wealth and investment business that is at the forefront of the bank’s turnaround plans.
The London-headquartered lender said it had agreed terms to acquire L&T Investment Management, which had looked destined to be bought by Blackstone Inc. after the US fund management group was reported to be exploring a bid.
“This transaction enhances the strength of our business in India and reinforces our status as one of Asia’s leading wealth managers,” HSBC Chief Executive Officer Noel Quinn said in the statement. “This demonstrates our commitment to capturing the Asia wealth opportunity. We will continue to invest significantly to achieve that goal.”
The deal comes four months after HSBC agreed a deal to buy AXA Singapore for $575 million. HSBC has said it was looking to make three or four bolt-on acquisitions of around $500 million each.
LTIM had assets under management of $10.8 billion and over 2.4 million active accounts as of September, according to the statement. The proposed acquisition will be funded from existing resources.
India has become a key market for HSBC as it looks to expand its operations in Asia, which are already the mainstay of the bank's revenues and profits. Overall, India is one of the bank’s largest markets and its make just over $1 billion in the country in 2020, making it the lender’s third largest Asian profit center after Hong Kong and mainland China.
Surendra Rosha, co-chief executive Asia Pacific at HSBC, said the acquisition would provide the bank with “deeper access” to the Indian market. “India’s rising income levels and higher life expectancy are driving an expanding yet under-penetrated sector,” he said in a statement.
HSBC’s various wealth and asset management businesses managed $1.2 trillion on behalf of its clients at the end of the first half of 2021. This was up more than $200 billion year-on-year, reflecting growth in assets across all its units.
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