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The Independent UK

Business

Holly Williams

HSBC sells Singapore insurance business to Allianz 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) - (AFP/Getty)

HSBC has agreed to sell its Singapore life and insurance business to Allianz for 2.7 billion Singapore dollars (£1.6 billion), a move that forms part of an ongoing strategic overhaul led by chief executive Georges Elhedery.

Crucially, the deal includes a 15-year distribution agreement, ensuring HSBC will continue to offer insurance products to its customers across Singapore.

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