HSBC to buy Axa’s insurance assets in Singapore for $575 million

This post was originally published on this site

https://i-invdn-com.investing.com/trkd-images/LYNXMPEH7F05L_L.jpg

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.