WORLD NEWS TOMORROW: HSBC is gearing up to dispose its stakes in two Indian lenders that include Karnataka Bank and Federal Bank, in an effort to raise the required capital to comply the stringent Basel III norms.

Currently in discussions with potential buyers, HSBC expects that the deal will yield approximately INR4250m ($76.5m) – INR4500m ($81m), as reported by the Economic Times.

HSBC has 4.98% in Federal Bank and 4.46% in Karnataka Bank.

Most recently, the London based lender sold its stake in two Indian banks, Axis Bank and YES Bank, in which it had 5% stake in each, which fetched INR24,000m ($432m)

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