New Delhi, Dec 04: HSBC Asia-Pacific Holdings (UK) Ltd, which is picking up a 14.71 per cent stake in UTI Bank, said it does not intend to exercise management control in the bank. HSBC India CEO Nial Booker told reporters that HSBC also had no plans to change the offer price for an additional 20 per cent in UTI Bank despite a spurt in the bank's share price after the acquisition announcement.
''We don't plan to exercise management control. We have confidence in the existing management,'' Booker told reporters.
HSBC Holdings had yesterday announced that it would buy 14.71 per cent in the Indian Bank from other investors, with an option to buy another 5.37 per cent later.
It said HSBC would also make an open offer to buy an additional 20 percent at 90 rupees a share.
Following the announcement, UTI Bank's shares soared 19.98 per cent to end up at Rs 114.10 today.
Bureau Report