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HSBC Holdings PLC's Indirect Wholly Owned Subsidiary Enters Into Agreement To Dispose Of Its General Insurance Business To QBE Insurance (International) Limited; Enters Into Non Exclusive Agreement


Thursday, 11 Apr 2013 04:45am EDT 

HSBC Insurance (Asia) Limited, an indirect wholly owned subsidiary of HSBC Holdings PLC announced that it has entered into an agreement to dispose of its general insurance business in Macau to QBE Insurance (International) Limited (QBE). The Hongkong and Shanghai Banking Corporation Limited ('the Bank'), an indirect wholly owned subsidiary of HSBC Holdings plc, has also entered into a non-exclusive agreement with QBE to distribute their general insurance products to the Bank's customers in Macau. Under the agreement, QBE will pay commissions to the Bank on product sales. The disposal of the Macau general insurance business is expected to complete in the first half of 2013. 

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