HSBC to Buy Singapore Insurer

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.”