HSBC Holdings Regulatory News (HSBA)

25 Jan 2007 09:02

HSBC Holdings PLC25 January 2007 HSBC TO ACQUIRE NON-LIFE INSURANCE PORTFOLIO OF JERNEH INSURANCE (HK) LIMITED HSBC Insurance (Asia) Limited has entered into an agreement to acquire thenon-life insurance portfolio of Jerneh Insurance (HK) Limited (JIHK). Theportfolio, which has a gross asset value of HK$35.0 million (approximatelyUS$4.5 million), comprises approximately 10,000 policies in medical, motor,employee compensation and public liability insurance. David Fried, CEO of HSBC Insurance (Asia Pacific) Holdings Limited, said: "TheJerneh Group has made a strategic decision to dispose of its Hong Kong non-lifebusiness. HSBC has a strong presence in the territory and a comprehensiveinsurance business. We are well-placed to provide a good continuing service toJerneh's customers, who will have access to HSBC's wide range of insurance andfinancial services. The portfolio from Jerneh Insurance (HK) will add to ourgrowing insurance business in the territory." The acquisition is expected to be completed in the first quarter of 2007.Completion of the transaction is subject to various conditions includingobtaining regulatory and other approvals. 1. HSBC Insurance (Asia) LimitedHSBC Insurance (Asia) Limited, is a wholly owned subsidiary of HSBC Insurance(Asia Pacific) Holdings Limited (HSBC Insurance). HSBC Insurance has offices inthe Hong Kong SAR, the Macau SAR, Singapore and Malaysia as well asrepresentative offices in Beijing, Shanghai and Guangzhou. HSBC Insurance'stotal assets stood at HK$80 billion at the end of June 2006. 2. HSBC Holdings plcHSBC Holdings plc serves over 125 million customers worldwide through some 9,500offices in 81 countries and territories in Europe, the Asia-Pacific region, theAmericas, the Middle East and Africa. With assets of US$1,738 billion at 30 June2006, HSBC is one of the world's largest banking and financial servicesorganisations. 3. Jerneh Insurance (HK) LimitedJerneh Insurance (HK) Limited (JIHK), which has been operating in Hong Kong forover 25 years, is a wholly owned subsidiary of Jerneh Asia Berhad, an investmentholding company listed on the Kuala Lumpur Stock Exchange in Malaysia. JernehAsia Berhad has a 31 per cent interest in HSBC Amanah Takaful (Malaysia) SdnBhd, a joint venture Islamic insurance company in Malaysia launched in August2005. HSBC and The Employees Provident Fund of Malaysia (EFP) hold a 49 per centand 20 per cent interest respectively. This information is provided by RNS The company news service from the London Stock Exchange