HSBC Insurance, an indirect wholly-owned subsidiary of banking giant HSBC Holdings, has agreed to sell its 50 per cent stake in Hana HSBC Life Insurance Company to Hana Financial Group.
The transaction, which is expected to be completed by May 10th, is part of the company's strategy for the development of the whole group.
"HSBC remains committed to the Korean market and continues to invest in developing its Korean Global Banking and Markets business," the bank said.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Hana HSBC Life had gross assets equivalent to $2,470m at the end of December 31st 2012.
HSBC's share price edged 0.9% lower to 699.30p by 13:20 on Tuesday.
NR
-
‘I installed a heat pump in my home – here are five things I’ve learnt’From the size and noise of a heat pump to how much it costs to run one, Ruth Emery reveals what she’s learnt after installing one in her home six months ago
-
3 ways to work out if a stock is good valueThe only thing you can really control in investing is the price you pay for an asset – but how can you tell if you’re getting a good deal when it comes to the price of a stock?
