LONDON--HSBC Holdings PLC (HSBA.LN) said Thursday its subsidiary
HSBC Insurance (Asia) Ltd. has entered into an agreement to dispose
of its general insurance business in Macau to QBE Insurance
(International) Ltd. (QBE.AU) for an undisclosed sum.
MAIN FACTS:
-Gross asset value of this business was 6.97 million Hong Kong
dollars ($0.9 million) at Dec. 31, 2012.
-Hongkong and Shanghai Banking Corporation Ltd., an indirect
wholly owned subsidiary of HSBC Holdings, has also entered into a
non-exclusive agreement with QBE to distribute their general
insurance products to the Bank's customers in Macau.
-Under the agreement, QBE will pay commissions to the Bank on
product sales.
-Disposal of the Macau general insurance business is subject to
regulatory approval and is expected to complete in the first half
of 2013.
-HSBC shares in London at 0835 GMT down 2 pence, or 0.22%, at
689 pence valuing the company at 128.28 billion pounds.
-Write to Ian Walker at ian.walker@dowjones.com
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