April 7, 2013

HSBC sells Group Insurance business to AXA in Singapore

British bank HSBC on Wednesday said its unit, HSBC Insurance, has entered into an agreement to sell its group term life insurance and group medical insurance business in Singapore to AXA Life Insurance.
According to reports, the deal is valued at around S$23.9 million and it comes as part of HSBC's plan to cut costs by offloading non-core assets.
Under the agreement, HSBC will also distribute AXA's employee benefits solutions under a 10-year bancassurance arrangement.

Source: Channel News Asia 
Labels: , ,

Disclaimer

This website is intended to provide general information, news summary and share author's personal views only and should not be taken as a base for a financial advise. It has been prepared without taking into account any particular person's objectives, financial situation or needs. Investors should, before acting on any of information in this website, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain financial advice specific to their situation before making any financial investment or insurance decision.