Leading international law firm Clifford Chance has advised HSBC Insurance (Singapore) Pte. Limited (HSBC Insurance (Singapore)), a wholly-owned subsidiary of HSBC Holdings plc, on the offer made by AIA Singapore Private Limited (AIA Singapore) to the agents of HSBC Insurance (Singapore) to join AIA Singapore.
HSBC Insurance (Singapore) and AIA Singapore reached an agreement under which all of HSBC Insurance (Singapore)’s agents will be offered the opportunity to move to AIA Singapore, subject to satisfying the relevant regulatory approvals. The discontinuance of the agency distribution channel for its insurance products is part of the HSBC Group’s strategy to focus on a globally consistent bancassurance model to build a sustainable business.
This is the third successful transaction for HSBC Insurance (Singapore) that the Singapore Corporate team has advised on. The same team comprising Singapore Corporate partner Lee Taylor and associate Si Wei Chua advised HSBC Insurance (Singapore) on the transaction alongside HSBC’s in-house legal team comprising principally Adam Edelman and Satbir Walia.
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