India, July 24 -- HSBC Holdings PLC (HSBC,HSBA.L,HBC1.DE,HSHD.SI,0005.HK) said on Friday that its indirect wholly-owned subsidiary, HSBC Insurance (Asia-Pacific) Holdings Limited, has inked a deal with Allianz Asia Holdings Pte. Ltd., a subsidiary of Allianz SE (ALV.DE,1ALV.MI,ALIZY), to sell HSBC Life (Singapore) Pte. Ltd. for S$2.7 billion.
The transaction follows the strategic review of HSBC Life SG, which concluded that its sale would be the best outcome for all parties. The transaction is expected to be closed in the first half of 2027. The sale is projected to generate a pre-tax gain on disposal of US$1.8 billion for the HSBC Group.
Post transaction, HSBC Holdings' indirect wholly-owned subsidiary, HSBC Bank (Singapore) Limited, and...