AXA To Take Over Part Of HSBC's Business In Asia -Report

AXA SA (CS.FR) may be about to take over part of HSBC Holdings PLC's (HBC) property and casualty insurance business in Asia, Le Figaro reports Wednesday without citing sources, as part of the French insurer's larger plan to increase its presence in fast-growing economies.

The company could announce the deal "as soon as next week," says the report.

According to Le Figaro, Swiss insurance company Ace Ltd. (ACE) and Australia's QBE Insurance Group Ltd. (QBE.AU) were also in the race for HSBC's Asian assets.

HSBC was initially hoping to sell its entire global property and casualty insurance business, valued at around EUR750 million, but finally chose to group its activities separately, by country or region, says the report.

A spokeswoman for AXA declined to comment. HSBC didn't immediately comment.

Newspaper Web site: http://www.lefigaro.fr

-By Paris Bureau, Dow Jones Newswires; 33-1-4017 1756

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