Wed. Dec 8th, 2021

© Reuters. FILE PHOTO: The HSBC logo is seen on an office bench in the financial district of New York, USA, on August 7, 2019. REUTERS / Brendan McDermid // Archive photo

SINGAPORE (Reuters) – HSBC said on Monday it had agreed to acquire Axa’s insurance assets in Singapore for $ 575 million, as it grows its insurance business.

“The proposed acquisition, which is subject to regulatory approval, is a key step in achieving HSBC’s stated ambition to become a leading wealth manager in Asia, expanding its insurance and wealth franchise in Singapore, a strategically important scale market for HSBC, and a major hub of its ASEAN wealth business, ”HSBC said in a statement.

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