French headquartered Axa has agreed to sell its Singapore insurance business to the HSBC banking group. Under the terms of the agreement, Axa will sell Axa Singapore.
HSBC has agreed to buy the Singapore unit of French insurance giant Axa as the British banking group expands its foothold in Asia, the companies announced on August 16.
Le groupe d'assurance français cède sa filiale à la banque sino-britannique pour un montant de 487 millions d'euros. Après la vente des activités d'assurance malaisiennes début juin, cet accord s'inscrit dans la stratégie de simplification des activités de l'assureur français.
HSBC has agreed to buy the Singapore unit of French insurance giant Axa as the British banking group expands its foothold in Asia, the companies announced Monday.HSBC makes 90 percent of its profit in Asia and has said it plans to redouble efforts to seize more of the market in the region.
Le groupe Axa annonce lundi qu'il va céder ses activités d'assurance à Singapour à HSBC pour un montant de 575 millions de dollars (487 millions d'euros).