According to HSBC, the move accelerates the bank’s ambition to become Asia’s leading insurance and wealth provider. AXA Singapore’s operations complement HSBC’s existing local insurance business, HSBC Insurance (Singapore) Pte Ltd (HSBC Life Singapore).
HSBC Insurance (Asia Pacific) Holdings, an indirect wholly-owned subsidiary of HSBC Holdings, has completed the acquisition of its 100% stake in AXA Singapore for a consideration of US$529 million ($710.2 million).
The consideration is US$46 million less than the initial consideration of US$575 million when the announcement of the acquisition was first made in August 2021.
