LONDON, June 11 HSBC said on Wednesday
it had agreed to sell its UK pensions business to ReAssure,
owned by Swiss Re, but will continue to manage the
HSBC will sell the business's corporate and individual
pensions policies and an associated annuities book, it said. At
the end of 2013, the underlying assets of the business were
valued at 4.2 billion pounds ($7.1 billion).
Some 4 billion pounds of those assets were managed by HSBC
Global Asset Management and will continue to be under a new
contractual arrangement. The deal is subject to regulatory
approvals and is expected to complete in the second half of
HSBC is looking to cut costs by exiting non-core businesses.
($1 = 0.5956 British Pounds)
(Reporting by Matt Scuffham; Editing by Laura Noonan)