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.
The agreement also covers mainland China, Australia, Sri Lanka, Brunei and the Philippines.
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
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.
CM
-
Ofgem proposes new energy tariffs with low or no standing changesStanding charges have invited public backlash as households battle high energy bills
-
Google shares bounce on Gemini 2.0 launchGoogle has launched the latest version of its Gemini AI platform, and markets have responded positively. Is it time to buy Google shares?
