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Evening Standard

Holly Williams

HSBC offloads Singapore life arm in £1.6 billion deal

HSBC Georges Elhedery Singapore Allianz

HSBC has agreed to sell its Singapore life and insurance business to Allianz for 2.7 billion Singapore dollars (£1.6 billion) amid an ongoing overhaul by chief executive Georges Elhedery (Matt Crossick/PA) - (PA Archive)

HSBC has agreed to sell its Singapore life and insurance business to Allianz for 2.7 billion Singapore dollars (£1.6 billion) amid an ongoing overhaul by chief executive Georges Elhedery.

Under the deal, HSBC and Allianz will form a 15-year distribution agreement that will see HSBC continue to sell insurance products to its customers in Singapore.

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