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HSBC Holdings PLC's Hongkong And Shanghai Banking Corporation Limited Enters Life Insurance Distribution Agreement With Allianz SE In Asia


Friday, 26 Oct 2012 04:45am EDT 

HSBC Holdings PLC's The Hongkong and Shanghai Banking Corporation Limited (HBAP) announced that it has entered into a 10 year bancassurance agreement (the agreement) with Allianz SE (Singapore) Branch through which HSBC Group companies will distribute Allianz life insurance products in the following markets across Asia (the distribution countries): Taiwan, Indonesia, Malaysia and mainland China (the key territories), Australia, Sri Lanka, Brunei and the Philippines. The arrangements for distribution of products will be on an exclusive basis, subject to the exceptions noted below. Consideration of $100.5million in cash will be paid under the agreement by Allianz (Singapore) Branch, specifically for the opportunity for Allianz Group companies to be the exclusive providers of life insurance products distributed by HSBC Group companies to customers in Taiwan, Indonesia and Malaysia. 

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