HSBC To Buy AXA’s Singapore Insurance Business For $575 Million To Boost Southeast Presence.

HSBC To Buy AXA’s Singapore Insurance Business For $575 Million To Boost Southeast Presence.
HSBC Holdings said Monday it has agreed to buy AXA Singapore for $575 million to boost its global wealth and insurance franchise in the city-state and support its expansion across Southeast Asia.
The acquisition will give London-based HSBC the eighth-largest life insurer in Singapore, with net assets of $474 million as of December 31, 2020, according to the statement.
AXA Singapore is also the fifth-largest property and casualty insurer in the city-state.
“This is an important acquisition that demonstrates our ambition to grow our wealth business across Asia,” Noel Quinn, group chief executive of HSBC, said in a statement.
“Wealth is one of our highest growth and highest return opportunities and plays to our strengths as an Asia-centered bank with global reach.”

Upon completion of the acquisition, which is subject to regulatory approvals, HSBC will combine AXA Singapore with HSBC Insurance (Asia-Pacific) Holdings.