HSBC Holdings plc (LON:HSBA) has sold insurance management operations to Kane Group.
HSBC Holdings plc (LON:HSBA) Sells Insurance Unit
With the $27.5 million acquisition of HSBC Holdings plc (LON:HSBA)’s insurance management operations, Kane Group becomes the world’s largest insurance manager.
Although agreements have been signed by both companies, the deal will only be complete by the second half of 2011, after meeting with regulatory approval.
Philip Butterfield, CEO of HSBC Holdings plc (LON:HSBA) in Bermuda, said: “We are delighted with the new arrangements for our insurance management business. We look forward to hearing about its continued success under its new ownership.”
HSBC Holdings plc (LON:HSBA) company shares stood at 650 at the end of the last trading session.
Last Price: 650
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