PARIS, Aug 16 — 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 tday.
The bank has agreed to acquire Axa Singapore, the city-state’s eighth largest life insurer, for US$575 million . “Wealth is one of our highest growth and highest return opportunities, and plays to our strengths as an Asia-centred bank with global reach,” he said. As part of its Asia pivot, HSBC sold its 90 branches in the United States this year and completed a long-running disposal of its unprofitable French retail business.
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