11th Jun 2014 10:38
LONDON (Alliance News) - HSBC Holdings PLC Wednesday said it will sell its UK pensions business to Swiss Re subsidiary ReAssure Ltd, but HSBC Global Asset Management (UK) Ltd will remain the investment manager for most of the assets being sold.
In a statement, the UK's largest bank by market capitalisation said it will sell its corporate and individual pensions policies, and an associated annuities book, by way of an insurance business transfer scheme, which means it has to be cleared by relevant financial regulators.
HSBC said the value of the underlying assets under management forming part of the transaction was about GBP4.2 billion at the end of 2013, of which about GBP4.0 billion were managed by HSBC Global Asset Management.
It didn't give any more financial details of the transaction, but said it expects the deal to complete in the second half of 2015 as long as it gets regulatory approval.
HSBC shares were down 0.4% at 622.4824 pence Wednesday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
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