HSBC Plans $575 Million Acquisition of AXA Singapore
16 August 2021 - 3:13PM
Dow Jones News
By Yifan Wang
HSBC Holdings PLC plans to acquire AXA Singapore for $575
million, as the Asia-focused bank steps up efforts to expand its
wealth-management business in the region.
The lender's insurance unit, HSBC Insurance (Asia-Pacific)
Holdings Ltd., would take the entire stake in the Singapore company
with existing resources, HSBC said Monday.
The proposed deal, subject to regulatory approval, is a key step
in HSBC achieving its stated ambition of becoming a leading wealth
manager in Asia by 2025.
HSBC's wealth-management focus comes as banks increasingly look
to other income growth drivers as their loan operations remain
under pressure amid low interest rates globally.
Once the acquisition is complete, HSBC said it plans to merge
AXA Singapore's operations with its life-insurance business in the
city-state, a major hub for wealth businesses in Southeast
Asia.
Write to Yifan Wang at yifan.wang@wsj.com
(END) Dow Jones Newswires
August 16, 2021 01:00 ET (05:00 GMT)
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