HSBC Sheds Several Insurance Businesses For $914M

Law360, New York (March 7, 2012, 2:46 PM EST) -- HSBC Holdings PLC is selling its general insurance businesses in Hong Kong, Singapore, Argentina and Mexico to AXA Group and QBE Insurance Group Ltd. for $914 million as part of a cost-cutting strategy unveiled last year, the European banking giant announced Wednesday.

As part of the deal, AXA and QBE will be the exclusive providers of general insurance products that HSBC companies and Hang Seng Bank, a 62 percent owned subsidiary of HSBC, distribute to banking customers in those areas as well as mainland China, India...
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