HSBC to sell insurance business for $914 million

HONG KONG: Banking giant HSBC said Wednesday it has agreed to sell its general-insurance businesses in Hong Kong, Singapore, Argentina and Mexico for around $914 million. The move is part of its strategy to cut costs and focus on growth, HSBC Group chief executive Stuart Gulliver said to the Hong Kong stock exchange. “It will enable us to focus our capital and resources on the growth of our core businesses, including the building of broader wealth management capabilities,” he said. HSBC Insurance (Asia), HSBC Insurance (Singapore ) and HSBC Seguros SA de CV Grupo Financiero HSBC will sell their general insurance businesses in Hong Kong, Singapore and Mexico to AXA Group for $494 million, the bank said. QBE Insurance Group would buy general-insurance business in Argentina and Hong Kong-based Hang Seng Bank’s general-insurance manufacturing unit.