HSBC has bought the Singaporean branch of Axa
HSBC has bought the Singaporean branch of Axa as it ramps up its presence in Asia.
The London-based bank, which recently sold its less-successful French and US retail banks, wants to become one of Asia’s leading wealth managers over five years.
The £415m takeover of Axa Singapore, currently the eighth largest life insurer and fifth largest property and casualty insurer in the country, would be a ‘key step’ in achieving that goal, HSBC said.
The lender’s chief executive Noel Quinn added: ‘This is an important acquisition that demonstrates our ambition to grow our wealth business across Asia.
HSBC will merge the Axa arm with its existing insurance operations in Singapore, becoming the seventh largest life insurer and fourth largest health insurer for individuals in the country.
■ Former minister Baroness Morgan has been appointed to the board of Santander UK, and will chair its responsible banking committee.
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