HSBC sells Singapore insurance units

Banking giant HSBC yesterday announced plans to offload part of its Singapore insurance business to AXA in a deal worth $19.3m (£12.75m). The deal is part of the bank’s plan to sell non-core assets and reduce costs and only the life insurance and medical insurance business will be covered by the deal. At the same time the bank has confirmed a ten-year agreement with AXA to sell general insurance products to HSBC customers in the small Asian state. The deal is subject to regulatory approval but is expected to complete within this year. HSBC joins a raft of British businesses that have pulled out of small Asian insurance business over the last year.