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.
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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.
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