| Allianz SE agreed to buy HSBC Holdings Plc's Singapore insurance unit for S$2.7 billion ($2.1 billion) as the German insurer expands its presence in the Asian financial hub after a previously aborted attempt. The pair also agreed to enter a 15-year exclusive distribution partnership, allowing Allianz to provide insurance and other solutions to HSBC's customers in Singapore, according to statements released Friday. Bloomberg earlier reported that Allianz was the frontrunner to purchase the unit. Adding the business would make Singapore one of the biggest markets in Allianz's life and health segment in Asia, according to Bloomberg Intelligence. The firm in 2024 withdrew an offer to buy a majority stake in Income Insurance Ltd. for about S$2.2 billion. ALSO READ: Shadowfax Shares In Focus As Flipkart, Eight Roads, IMM India Fund Plan Rs 1,048 Crore Block Deal "Allianz's expanded presence in Singapore strengthens its position in one of Asia's most attractive insurance markets and leading international financial hubs," the company said in a statement. For HSBC, the sale is part of the banking group's efforts to simplify operations under Chief Executive Officer Georges Elhedery, who has cut management layers, jobs and businesses. The London-based lender said it expects the disposal to generate a pretax gain of $1.8 billion, and that it remains committed to business in Singapore. The deal is expected to be completed in the first half of 2027, subject to regulatory approvals. ALSO READ: Lockheed Martin, RTX Rally Up To 12% As Pentagon's Hawkish Plans Lift 2026 Guidance |
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