Financial Services

Staff Reporter

, Hong Kong

Published:

13 years ago

AXA acquires HSBC’s Property & Casualty businesses

The deal will position AXA as the number one P&C player in Hong Kong.

AXA and HSBC announced they have entered into an agreement whereby AXA would acquire HSBC’s P&C businesses in Hong Kong, Singapore and Mexico.

According to the announcement, AXA will also benefit from a 10-year exclusive P&C bancassurance agreement with HSBC in the said countries as well as in India, Indonesia and China.

The net upfront cash consideration for AXA is US$494 million and will be funded through internal resources.

The closing of the transaction is subject to regulatory approvals and is expected in the course of the second half of 2012.

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