Bank sells 50% stake in Korean firm Hana HSBC Life Insurance Company
HSBC Insurance (Asia-Pacific) has agreed to sell its 50% less one share in Hana HSBC Life Insurance Company to Hana Financial Group Inc.
As of 31 December 2012, the Korean life insurance company had gross assets of approximately $2.47bn.
HSBC said the transaction, which is expected to complete as early as 10 May, represents further progress in the execution of the group strategy.
It insisted it remains committed to the Korean market and continues to invest in developing its Korean global banking and markets business.
In April, HSBC Insurance (Asia) announced it was selling its general insurance business in Macau to QBE Insurance (International).