HSBC offloads Macau insurer

HSBC yesterday agreed to sell its Macau general insurance business, valued at around 6.97m Hong Kong dollars (£580,000), as the banking giant continues to dispose of non-core businesses.

QBE Insurance has bought the unit and will retain the right to sell general insurance products to the bank’s customers in the region.

Earlier this month the bank completed a similar deal to sell part of its Singaporean life insurance and medical insurance portfolios to AXA’s local subsidiary.