HSBC Buys AXA Singapore for $575 Million to Grow Asia Wealth
- HSBC is pouring billions of dollars into Asia in major pivot
- Bank expands in Singapore amid turbulence in Hong Kong
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HSBC Holdings Plc agreed to buy AXA Singapore for $575 million in a push to build a global wealth hub in Singapore and fuel its expansion across Southeast Asia amid increasing tension in China.
The acquisition will give HSBC the eighth largest life insurer in Singapore, as well as a leading group health insurance firm, with assets of $474 million, according to a statement.