LONDON, June 11 (Reuters) - HSBC said on Wednesdayit had agreed to sell its UK pensions business to ReAssure,owned by Swiss Re, but will continue to manage thebusiness's assets.
HSBC will sell the business's corporate and individualpensions policies and an associated annuities book, it said. Atthe end of 2013, the underlying assets of the business werevalued at 4.2 billion pounds ($7.1 billion).
Some 4 billion pounds of those assets were managed by HSBCGlobal Asset Management and will continue to be under a newcontractual arrangement. The deal is subject to regulatoryapprovals and is expected to complete in the second half of2015.
HSBC is looking to cut costs by exiting non-core businesses.
($1 = 0.5956 British Pounds) (Reporting by Matt Scuffham; Editing by Laura Noonan)