HSBC to buy Swiss Life out of French insurance JV

LONDON (Reuters) - Banking giant HSBC (HSBA.L) (0005.HK) said on Tuesday it had agreed to pay 228.75 million euros ($303.6 million) to buy Swiss Life's (SLHN.VX) 50.01 percent stake of a French insurance joint venture.

HSBC said it was buying Swiss Life out of Erisa, a joint venture to offer life insurance products through HSBC's banking network in France, and Erisa IARD, a venture to provide property and casualty insurance.