HSBC Insurance

Acquirer: Allianz

HSBC has agreed to sell its health and life insurance business in Singapore to Allianz for $2.1bn (£1.6bn), as part of its strategy to refocus on wealth management in the region. Summary of transaction details: Value: $2.1bn (£1.6bn) Sector: Financial Services Advisor: Not disclosed Key Entities: HSBC, Allianz Location: Singapore Note: The deal marks a significant shift in HSBC's strategy, as it refocuses on wealth management in Singapore, and provides Allianz with a second chance to tap into the Singapore market after a previous bid was blocked.