SINGAPORE (Reuters) – HSBC said on Monday it had agreed to acquire Axa’s insurance assets in Singapore for $575 million as it scales up its insurance business.
“The proposed acquisition, which is subject to regulatory approval, is a key step in achieving HSBC’s stated ambition of becoming a leading wealth manager in Asia, by expanding its insurance and wealth franchise in Singapore, a strategically important scale market for HSBC, and a major hub for its ASEAN wealth business,” HSBC said in a statement.
(Reporting by Anshuman Daga; Editing by Shri Navaratnam)
