HSBC to Divest Singapore Insurance Unit to Allianz for $2.09B
HSBC is set to sell its Singapore insurance unit to Allianz for $2.09B, advancing simplification while retaining insurance distribution through a 15-year deal.
HSBC - HSBC Holdings plc
Price:
--
--
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CONSENSUS:
Hold
DETAILS
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PRICE TARGET:
$52.00
DETAILS
HIGH:
$52.00
LOW:
$52.00
MEDIAN:
$52.00
CONSENSUS:
$52.00
DOWNSIDE:
49.86%
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HSBC sells Singapore life business to Allianz
HSBC Holdings PLC (LSE:HSBA) has offloaded its Singapore life and health insurance business to Germany's Allianz for US$2.1 billion (£1.6 billion), as part of the bank's ongoing simplification programme. The disposal of HSBC Life Singapore is expected to generate a pre-tax gain of US$1.8 billion and add up to 15 basis points to the group's common equity tier one capital ratio.
Allianz to buy HSBC's Singapore insurance unit for $2.09 billion
Allianz to acquire Singapore insurance business from HSBC
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