HSBC agrees £1.6 billion Singapore Allianz deal

HSBC has agreed to sell its Singapore life and insurance business to Allianz for £1.6 billion.

The move comes amid an ongoing push to simplify the global banking giant.

The London-listed lender is hoping to complete the deal in the first half of next year.

It said the agreement follows a review of HSBC Life in Singapore, but said it remains “committed to Singapore as an international wealth and wholesale banking hub”.

A spokesperson added: “Singapore is crucial to HSBC’s strategy and is a key focus of investment and growth for the group.”

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