22nd Jun 2007 17:33
HSBC Holdings PLC22 June 2007 HANG SENG LIFE LIMITED HSBC Insurance (Asia Pacific) Holdings Limited has agreed to sell its 50 percent interest in Hang Seng Life Limited to Hang Seng Insurance Company Limitedfor a consideration of HK$2.4 billion (approximately US$308 million). This willmake Hang Seng Life a wholly owned subsidiary of Hang Seng Insurance, itself awholly owned subsidiary of Hang Seng Bank Limited. Hang Seng Life provides life insurance services to customers in Hong Kong,including life insurance policies linked to investment products and retirementscheme management. David Fried, regional head of insurance, Asia Pacific, at HSBC Insurance (AsiaPacific) Holdings Limited, said: "This change will provide greater flexibilityfor each organisation to pursue its own strategy and growth plans in insurance.We view this transaction as mutually beneficial for the Hang Seng group as wellas for HSBC. We enjoy an excellent relationship with Hang Seng Insurance andwill continue that relationship with the company, and with Hang Seng Life, asthey grow their business in the life insurance market." HSBC Insurance (Asia Pacific) is a wholly owned subsidiary of The Hongkong andShanghai Banking Corporation Limited, which also owns 62.142 per cent of HangSeng Bank. HSBC Insurance is a leading insurance provider in Hong Kong,operating life, non-life and retirement services businesses through acomprehensive range of insurance, investment, health and retirement services. The transaction is subject to conditions being met and relevant approvals beingobtained. Notes to editors 1. HSBC Insurance (Asia Pacific) Holdings LimitedHSBC Insurance (Asia Pacific) Holdings Limited is the parent company of fourunderwriting companies, collectively known as HSBC Insurance: HSBC Insurance(Asia) Limited; HSBC Life (International) Limited; HSBC Insurance (Singapore)Pte Limited; and HSBC Amanah Takaful (Malaysia) Sdn Bhd (49 per cent held). HSBCInsurance offers customers the security, confidence and convenience of doingbusiness with one financial services organisation. It has offices in the HongKong Special Administrative Region (SAR), the Macau SAR, Singapore and Malaysia.In mainland China, it has representative offices in Beijing, Shanghai andGuangzhou. HSBC Insurance (Asia Pacific)'s total assets stood at HK$91 billionat the end of December 2006. 2. The Hongkong and Shanghai Banking Corporation LimitedThe Hongkong and Shanghai Banking Corporation Limited is the founding and aprincipal member of the HSBC Group which, with around 10,000 offices in 82countries and territories and assets of US$1,861 billion at 31 December 2006, isone of the world's largest banking and financial services organisations. 3. Hang Seng Insurance CompanyHang Seng Insurance Company Limited is a wholly-owned subsidiary of Hang SengBank. It offers a full range of general insurance products including accident,travel, motor, employees compensation, fire and marine insurance. The totalassets of the company amounted to HK$1,242.7 million at 31 December 2006. 4. Hang Seng Bank LimitedFounded in 1933, Hang Seng Bank operates around 150 branches and automatedbanking centres and 13 business banking centres in Hong Kong. Its wholly ownedsubsidiary, Hang Seng Bank (China) Limited, established on 28 May 2007, operatesa mainland China network of 16 outlets in Beijing, Shanghai, Guangzhou,Dongguan, Shenzhen, Fuzhou and Nanjing. Hang Seng Bank also maintains a branchin Shenzhen for foreign currency wholesale business, a branch in Macau, andrepresentative offices in Xiamen and Taipei. Hang Seng Bank reported a profitattributable to shareholders of HK$12.04 billion in 2006 and has consolidatedassets of HK$669.1 billion. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
HSBC Holdings