SEA Deal Ticker
HSBC is selling the Singapore business it spent decades building: Allianz pays S$2.7B
Allianz acquires HSBC's Singapore life and health insurance arm for S$2.7 billion ($2.09 billion), handing the bank a $1.8 billion pre-tax gain and up to 15 basis points of CET1 capital.
Positive-sum angle: Singapore's bancassurance shelf gets a specialist owner rather than a bank running insurance as a sideline, which usually means deeper product lines for the region's savers and more capital freed for wholesale lending.