Sale of AXA Singapore to HSBC gets MAS nod; insurer moving to The Metropolis

The sale of AXA Singapore will pave the way for HSBC to scale up its presence in the regional insurance market. PHOTOS: ST FILE, CHONG JUN LIANG
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SINGAPORE - 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 on Friday (Feb 11) 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.

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