HSBC has entered into a 10-year agreement with Allianz Singapore's branch that enable it to distribute insurance products in Asia.
Under the agreement, $100.5m in cash will be paid by Allianz to be the exclusive provider of life insurance products sold by HSBC companies to customers in Taiwan, Indonesia and Malaysia.
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HSBC Life, a wholly-owned life insurance subsidiary of the Hongkong and Shanghai Banking Corporation, has also entered into a sale and purchase agreement to sell the majority of the assets and liabilities of the Taiwan branch of HSBC Life to Allianz Taiwan Life Insurance Company for $18m in cash.
The agreements are expected to be completed no later than the first half of 2013.
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