HSBC agrees to US$2 billion deal to sell Singapore insurance branch to Allianz

HSBC has agreed to sell its Singapore life and health insurance business to Germany’s Allianz for S$2.7 billion (US$2.08 billion), with the deal expected to be completed in the first half of 2027, HSBC Group announced on Friday morning before the start of trading. The disposal is expected to generate a pre-tax gain of US$1.8 billion and boost HSBC’s common equity tier 1 ratio by up to 15 basis points, the bank said. As part of the deal, HSBC Singapore will enter a 15-year exclusive bancassurance...