HSBC's latest move to acquire 20 per cent equity of UTI Bank is purely a financial investment as already announced by the former, P J Nayak, chairman and managing director of UTI Bank said on Friday.

"This had been clearly conveyed to us and we expect that HSBC will be represented in UTI board once they acquired 20 per cent stake," he told reporters in Chennai.

UTI Bank would continue to have its domestic focus mainly to penetrate into all the district headquarters at the earliest, while the bank is expected to benefit from the international banking expertise of HSBC in the coming days.

HSBC on Thursday announced its open offer to the shareholders of UTI Bank to buy 20 per cent equity at Rs 90 per share and said the offer for the shares would open on January 31.

On December 2, HSBC inked an agreement with CDC Financial Services (Mauritius) Ltd and South Asia Regional Fund to acquire 20.08 per cent stake in UTI Bank for Rs 418 crore (Rs 4.18 billion).

Nayak was in the city in connection with the inauguration of the bank's eighth branch in Chennai at the arterial Anna Salai.