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Publish Date : 30-Oct-2012

Hong Kong and Shanghai Banking Corp. Ltd. (HBAP), a completely owned subsidiary of HSBC Holdings PLC, has inked a 10-year bancassurance deal with Allianz SE (Singapore) Branch.

Under this deal, the HSBC Group companies will offer Allianz life insurance products in Taiwan, Indonesia, Malaysia, mainland China, Australia, Sri Lanka, Brunei and Philippines. HSBC will distribute the products on exclusive basis. Allianz (Singapore) Branch will pay a consideration of US $100.5 million in cash, particularly for the opening for Allianz Group companies to be the exclusive providers of life insurance products offered by HSBC Group companies to customers in Taiwan, Indonesia and Malaysia.

The deal is subject to country-specific distribution deals with regard to the key territories between HSBC Group companies and Allianz Group companies.

HSBC Life (International) Ltd. (HSBC Life), a completely owned life insurance subsidiary of HBAP, has also inked a sale and purchase deal to sell the assets and liabilities, excluding the statutory deposits of about US $10 million of Taiwan branch of HSBC Life, to Allianz Taiwan Life Insurance Co. Ltd. Allianz Taiwan Life Insurance Co Ltd. will offer cash consideration of US $18 million.

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