HSBC has agreed to sell its Singapore life and health insurance business to Germany's Allianz in a deal valuing the unit at S$2.7 billion (about $2.09 billion), as the lender continues to streamline its operations and sharpen its focus on higher-return businesses, according to Reuters.
The transaction is expected to generate a pre-tax gain of about $1.8 billion for HSBC and improve the group's common equity tier 1 (CET1) ratio by up to 15 basis points.
