HSBC Group Chief Executive Noel Quinn
SINGAPORE/HONG KONG: HSBC Holdings agreed to acquire French insurer Axa's Singapore assets for US$575 million, part of its strategy of scaling up its wealth-management business in Asia and boosting fee income.
HSBC said in a statement that the combined unit comprising HSBC Life Singapore and Axa Singapore would be the seventh-largest life insurer and the fourth-largest retail health insurer in Singapore, with over 600,000 policies in-force covering life, health and property and casualty insurance.
Already a subscriber? Log in
Save 30% OFF The Star Digital Access
Cancel anytime. Ad-free. Unlimited access with perks.
