Macanese general insurance business worth $900,000
HSBC Insurance (Asia), owned by HSBC Holdings, has entered into an agreement to dispose of its general insurance business in Macau to QBE Insurance (International).
The gross asset value of this business was approximately HK$6.97m ($900,000) at 31 December 2012.
The Hong Kong and Shanghai Banking Corporation, an indirect wholly owned subsidiary of HSBC Holdings plc, has also entered into a non-exclusive agreement with QBE to distribute their general insurance products to the bank’s customers in Macau.
Under the agreement, QBE will pay commissions to the Bank on product sales.
The disposal of the Macau general insurance business is subject to regulatory approval and is expected to complete in the first half of 2013.