(CercleFinance.com) – AXA announces that it has finalized the sale of its insurance activities in Singapore (AXA Insurance Pte Ltd) to HSBC Insurance (Asia-Pacific) Holdings Ltd, for a total cash consideration of 529 million US dollars ( or 463 million euros).
For the record, the French insurer announced that it had reached an agreement for this operation last August. Its finalization was subject to the usual conditions, including obtaining regulatory approvals.
“Our strategy is to focus on our main markets, which have a critical size, a business mix centered on our target segments and strong growth potential”, explained in August Gordon Watson, CEO of AXA in Asia and Africa.
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