HSBC sells insurance units in Asia, S America
Posted by on Thu, Mar 08 2012 07:31 am
HONG KONG: Banking giant HSBC said yesterday it has agreed to sell its general-insurance businesses in Hong Kong, Singapore, Argentina and Mexico for around $914 million.
The move is part of the bank's strategy to cut costs and focus on growth, HSBC Group Chief Executive Stuart Gulliver said in a statement to the Hong Kong stock exchange.
"It will enable us to focus our capital and resources on the growth of our core businesses, including the building of our broader wealth management capabilities," he said.
The Daily Sun/Bangladesh/ 8th March 2012
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