London-based Hong Kong & Shanghai Bank Holdings Plc (HSBC) has agreed to acquire Singapore-based Keppel Insurance for around $86 million in cash.
The group is currently owned by the Belgian-Dutch Fortis Group and Keppel Capital Holdings Ltd., each with a 40 percent stake, and Kephinance Investment Pte. Ltd. which holds the remaining 20 percent.
Reuters News Agency quoted HSBC as stating that “Our acquisition of Keppel Insurance will add life insurance and Islamic insurance products to our current general insurance business in Singapore.”
Topics Mergers & Acquisitions Carriers
Was this article valuable?
Here are more articles you may enjoy.
Berkely Says It’s No Longer Pressured to Push for Rate ‘Across the Board’ 
Kin Moves Into Florida and Texas With Home-Auto Bundle Products 
Howden-Driven Talent War Has Cost Brown & Brown $23M in Revenue, CEO Says 
LA Fire Survivors Got a Rude Surprise That Could Hit More Americans 
