HSBC has kept options open to acquire UTI Bank when the government eases the norms.

Also Read HSBC buys 20% in UTI Bank

HSBC, which acquired 14.71 per cent equity in UTI Bank from the Mauritius-based CDC Financial Services and South Asean Regional Fund for Rs 306 crore (Rs 3.06 billion) on Tuesday, will make the open offer on Thursday to buy an additional equity of at least 20 per cent at Rs 90 per share, HSBC India CEO Niall SK Booker told reporters in New Delhi.

Asked whether the bank was eyeing to acquire UTI Bank when the norms are eased, he said, "We never rule out anything. If circumstances change and regulator agree, we can look at the acquisition route."

HSBC will acquire an additional 5.37 per cent stake in UTI Bank from CDC later for Rs 112 crore (Rs 1.12 billion).

Booker said the foreign bank at present had no plans to exercise the management control.