One of the world's largest banking and financial services organizations announced its plans to scale up its wealth management business and boosting fee income in Asia
revealed earlier today the purchase of Axa's insurance assets in Singapore for
$575 million. The announcement came after the bank said in February that it
would invest $3.5 billion in its wealth and personal business in Asia, shifting
from some less-profitable business lines in Europe and North America.
As it struggles with lending in a low-interest-rate
environment, HSBC wants to generate more revenue from fees it earns from
selling products to customers.
According to Axa's statement, the deal was subject to
regulatory approvals and would probably close by the end of Q4 2021. The
combined business would be the seventh-largest life insurer and the
fourth-largest retail health insurer, with more than 600,000 active policies
covering life, health, property, and casualty insurance.
Nuno Matos, HSBC's Wealth and Personal Banking business CEO,
stated: "This strategic investment is a key milestone for HSBC Life to
materially scale up, grow and diversify our insurance and wealth business in
Sources: investing.com, scmp.com
This information prepared by ClickTrades.com is not an offer or a solicitation for the purpose of purchase or sale of any financial products referred to herein or to enter into any legal relations, nor an advice or a recommendation with respect to such financial products.
This information is prepared for general circulation. It does not have regard to the specific investment objectives, financial situation or the particular needs of any recipient.
You should independently evaluate each financial product and consider the suitability of such a financial product, by taking into account your specific investment objectives, financial situation or particular needs, and by consulting an independent financial adviser as needed, before dealing in any financial products mentioned in this document.
This information may not be published, circulated, reproduced or distributed in whole or in part to any other person without the Company’s prior written consent.
Past performance is not always indicative of likely or future performance. Any views or opinions presented are solely those of the author and do not necessarily represent those of ClickTrades.com.
Baidu earnings beat expectations
Best Buy shares jump on earnings beat