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.
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