LONDON--Bank HSBC Holdings PLC (HSBA.LN) said Friday that its
subsidiary Hongkong and Shanghai Banking Corporation Ltd has
entered into a 10-year, US$100.5 million bancassurance agreement
with insurance group Allianz SE (ALV.XE) and agreed to sell the
Taiwan branch of HSBC Life for US$18 million.
MAIN FACTS:
-Bancassurance agreement is for HSBC Group companies to
distribute Allianz life insurance products in Asia.
-HSBC Life International Ltd sale of Taiwan branch excludes
statutory deposits of US$10 million.
-The agreement and the sale and purchase agreement, which is
subject to regulatory approvals, and four country-specific
distribution agreements being entered into in the key territories
are expected to be completed no later than the first half of
2013.
- HSBC shares at 0855 GMT, down 6 pence, or 0.94%, at 608 pence
valuing the company at GBP112.99 million.
-Write to Rory Gallivan at rory.gallivan@dowjones.com; Twitter:
@RoryGallivan
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