GO
| HSI1 | 19,883.13 | +162.43 | 127.31B |
| HSCEI1 | 7,213.85 | +69.97 | 59.07B |
| Back Zoom + Zoom - Block Traded | |
|
HSBC HOLDINGS Proposes to Sell French Life Insurance Biz, Involving EUR925M
2024-12-23 08:10:56 HSBC Continental Europe, a subsidiary of HSBC HOLDINGS (00005.HK), signed a Memorandum of Understanding (MOU) on the potential sale of HSBC Assurances Vie, a French life insurance business, to Matmut Societe d'Assurance Mutuelle, foreign news broke. Pursuant to the financial terms of the potential transaction, Matmut will acquire HSBC Assurances Vie (France) for EUR925 million in cash, which is expected to result in a pre-tax loss to HSBC Continental Europe of approximately EUR100 million, and is subject to regulatory approvals before completion, which is expected in 2H25. HSBC Assurances Vie (France) has more than EUR20 billion in outstanding assets, EUR77 million in earnings in 2023 and a Solvency II ratio of 287%. As part of the potential transaction, HSBC Continental Europe and Matmut will enter into a long-term partnership arrangement, with HSBC Assurances Vie (France) and HSBC Global Asset Management (France) continuing their existing distribution arrangements. ~ AAStocks Financial News Web Site: www.aastocks.com | |