HSBC firm on open offer price

 HSBC, which acquired 14.71 per cent equity in UTI Bank from CDC Financial Services and South Asia Regional Fund, today said it will not increase the open offer price of Rs 90 per share to buy an additional 20 per cent stake.

 It is also negotiating for adequate representation on the UTI Bank board and is keeping open the option of floating a subsidiary.

 A decision would be taken keeping in mind the regulatory regime in India, Michael RP Smith, CEO-designate of HSBC, said at a press conference.

 HSBC India CEO Niall SK Booker said the foreign bank had no plans at present to acquire management control in UTI Bank. Asked whether the bank was eyeing acquisition of UTI Bank after norms were eased, Booker said,