HSBC Insurance

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.