HSBC to sell stake in Hana HSBC Life

(Source: Reuters)

HSBC subsidiary HSBC Insurance Holdings has agreed to sell 50 per cent less one share in Hana HSBC Lief Insurance Company to Hana Financial Group.

The bank reports that as of 31 December Hana HSBC Life had gross assets of KRW2,745bn (approximately US$2,470m). The transaction is expected to complete as early as 10 May.