HSBC Holdings plans to acquire AXA Singapore for us $575 million
According to Hong Kong business daily, HSBC Holdings announced that HSBC Insurance Group (Asia Pacific), an indirect wholly-owned subsidiary, has entered into an agreement to acquire 100% of the issued share capital of axai insurance PTE Limited (AXA, Singapore) for us $575 million. To promote the construction of a global wealth center in Singapore and its expansion in Southeast Asia. In terms of annualized new premium, AXA Singapore is currently the eighth largest life insurance company in Singapore.
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