HSBC agrees to sell Macau-based general insurance operation to QBE

UK financial group HSBC Holdings Plc (LON:HSBA) on Thursday said it had agreed to dispose of its general insurance operations in Macau to QBE Insurance (International) Limited.

HSBC will carry out the divestment via its indirectly-held unit HSBC Insurance (Asia) Limited, it explained.

The value of the transaction was not disclosed, but the vendor said the Macau general insurance business had gross assets of HKD6.97m (USD898,000/EUR687,000) at 31 December 2012.

Subject to regulatory clearance, the sale is expected to wrap up in the first half of this year, the vendor said.

HSBC Holdings’unit Hongkong and Shanghai Banking Corporation Limited has also inked a non-exclusive accord with QBE to distribute its general insurance products to the bank’s customers in Macau for a commission.