HSBC sells Singapore insurance business to Germany's Allianz in US$2.09 billion deal

HSBC said on Friday (Jul 24) it will sell its Singapore life and health insurance business to Germany's Allianz, in a deal valuing the unit at S$2.7 billion (US$2.09 billion).The disposal is expected to generate a pre-tax gain of US$1.8 billion and an estimated up to 15 basis-point increase to CET1 for the HS