HSBC Asset Management India (HSBC AMC) has secured regulatory approval from the Competition Commission of India (CCI) for its acquisition of L&T Investment Management (L&T AMC).

The $425m deal, which was first announced in December 2021, will see HSBC AMC purchase 100% share capital of L&T AMC from L&T Finance.

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CCI said in a statement: “CCI approves acquisition of 100% share capital of L&T Investment Management by HSBC Asset Management (India) Private Limited (HSBC AMC).”

L&T AMC is a wholly owned subsidiary of L&T Finance and the investment manager of the L&T Mutual Fund.

As part of the transaction, sponsorship, trusteeship, management, and administration of L&T Mutual Fund schemes managed by L&T AMC will change.

These schemes will be managed and operated by HSBC AMC, while HSBC Trustee will be named as the trustee of the L&T Mutual fund.

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“Pursuant to the proposed transaction, the L&T MF will comprise part of and be considered to form an integral part of the HSBC Mutual Fund schemes (HSBC MF),” the fair trade regulator added.

L&T AMC, which maintains a footprint across 65 locations across India, also manages digital platforms.

The deal forms part of HSBC’s strategic plan to expand its wealth and asset management presence in the Asian region.

The purchase of L&T AMC is expected to help the British lender bolster its asset management capabilities in India to serve its Indian customers as well as its increasing non-resident Indian clients worldwide.

In November last year, a report by Reuters said that the bank is weighing a re-entry to India’s private banking space to tap into the country’s evolving affluent segment.

The British lender shuttered its Indian private banking business in 2015 following a strategic review of its global private banking operations in the country.