MAS green-lights sale of AXA S'pore to HSBC for $711m
Integrated entity will be 7th-largest life insurer here based on annualised new premiums
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The Monetary Authority of Singapore (MAS) has approved HSBC's acquisition of AXA Singapore, paving the way for HSBC to scale up its presence in the regional insurance market.
The bank said yesterday that its indirect wholly owned subsidiary, HSBC Insurance (Asia-Pacific), has completed the acquisition of AXA Insurance in Singapore for US$529 million (S$711 million) - US$46 million less than the initial consideration of US$575 million when the deal was first announced in August last year.
