Paris-headquartered AXA has agreed to sell its insurance operations in Singapore to British lender HSBC.
AXA has entered an agreement with HSBC to sell its insurance unit in Singapore for a total cash consideration of $575 million, according to a statement, subject to regulatory approvals.
The transaction is expected to be completed by the fourth quarter of this year.
HSBC beat Malayan Banking’s insurance joint venture Etiqa and at least one unnamed Chinese firm that were reportedly frontrunners for the deal.
«Simplification Journey»
According to AXA’s chief executive in Asia and Africa Gordon Watson, the sale is part of the French insurer’s broader plans to sharpen focus on certain markets.
«This transaction is another step in AXA’s simplification journey,» Watson said.
«In line with the Group’s strategy, we are focusing on our core markets where we have the size, presence in the right business segments and a strong potential to grow. We have in Asia a unique set of assets across established and high potential markets where we are deploying our vision, notably in health and protection, bringing high value products and services to our customers.»
