HSBC BUYS SINGAPOREAN INSURER KEPPEL

Global banking group HSBC has agreed to pay US$86m for Singapore-based life assurance group Keppel Insurance, buying the operation from Dutch–Belgian financial services group Fortis and Keppel Capital Holdings — each of which held 40% stakes in the unit — and locally based Kephinance Investment, which owned the remaining 20% holding. HSBC noted that the acquisition would “add life insurance and Islamic insurance products to our current general insurance business in Singapore”.