27th Mar 2007 08:38
HSBC Holdings PLC27 March 2007 HSBC TAKES CONTROL OF FRENCH INSURANCE JOINT VENTURE HSBC France has agreed to acquire the remaining 50.01 per cent of life insurerErisa and property and casualty insurer Erisa IARD that it does not already ownfrom Swiss Life for a consideration of €228.75 million. The transaction issubject to regulatory approvals. Clive Bannister, Group Managing Director of Insurance, commented: "Thistransaction is consistent with our aim to be a market leader in life, pensions,investments and retirement services in selected OECD and emerging markets. Ourgoal globally is to double the contribution to HSBC Group made by insurance bybuilding on, and joining up, our base of insurance and retirement businesseswhile leveraging HSBC's brand." Charles-Henri Filippi, Chairman and Chief Executive Officer of HSBC France,added: "In line with the shareholders' agreement, this change of ownership wasagreed with the Swiss Life group in order to ensure Erisa's full integrationinto HSBC. This will help us expand the distribution of insurance productsthrough our branch network. And, of course, we intend to continue and developour mutually beneficial, longstanding commercial agreements with Swiss Life." Erisa is a joint venture created in 1986 by HSBC and Swiss Life to offer lifeinsurance products through HSBC's banking network in France. Erisa IARD wascreated by the two companies in 1991 to provide property and casualty insurance. Notes to editors: 1. ErisaErisa is the life insurance arm of the HSBC Group in France. Erisa's customersare exclusively the Group's banking networks in France (HSBC France, SocieteMarseillaise de Credit, Banque de Savoie, Banque Chaix, Banque Dupuy deParceval, Credit Commercial du Sud Ouest, Banque Marze, Banque Pelletier). 2. Erisa IARDErisa IARD is the property and casualty insurance arm of the HSBC Group inFrance. ERISA IARD's clients are exclusively the Group's banking networks inFrance. 3. HSBC Holdings plcHSBC Holdings plc serves over 125 million customers worldwide through around10,000 offices in 82 countries and territories in Europe, the Asia-Pacificregion, the Americas, the Middle East and Africa. With assets of some US$1,861billion at 31 December 2006, HSBC is one of the world's largest banking andfinancial services organisations. HSBC is marketed worldwide as 'the world'slocal bank'. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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