The UK-headquartered bank is using the deal to boost its wealth management business in Asia, as the region remains key to its future plans.
It is the largest HSBC acquisition since the $762 million merger of the bank’s Oman branch with the Oman International Bank in 2012.
The combined unit will comprise HSBC Life Singapore and Axa Singapore, and could become the seventh-largest life insurer and fourth-largest retail insurer in the country.
Axa’s Singapore operations reported net assets of $474 million at the end of 2020.
