Two Actis nominees quit board of UTI Bank

Two Actis nominee directors (formerly CDC) on the board of UTI Bank have resigned following the Reserve Bank of India( RBI’s) nod to HSBC buy-out of 14.71 per cent stake in the private sector bank from Actis.
Paul fletcher of CDC Financial Service (Mauritius) Ltd, and Donald Peck of South Asia Regional Fund have resigned as directors of UTI Bank with effect from Monday, the private sector bank informed the stock exchange.
RBI, last last month, had cleared HSBC’s acquisition for picking up the stake in UTI Bank with a condition that the foreign bank would not have any representation on their board as per the existing guidelines.
HSBC Asia Pacific Holdings (UK), a wholly-owned subsidiary of HSBC, in December last year entered into an agreement to acquire 14.71 per cent stake in UTI Bank from CDC Financial Services (Mauritius) Ltd and South Asia Regional Fund for Rs 306 crore ($66.42 million). As per the agreement, HSBC also has an option to acquire an additional 5.37 per cent stake from CDC Financial Services (Mauritius) Ltd for Rs 112 crore ($24.26 million).