HSBC takes control of French insurance joint venture
HSBC France has agreed to acquire the remaining 50.01 per cent of life insurer Erisa and property and casualty insurer Erisa IARD that it does not already own from Swiss Life for a consideration of €228.75 million. The transaction is subject to regulatory approvals.
Clive Bannister, Group Managing Director of Insurance, commented: “This transaction is consistent with our aim to be a market leader in life, pensions, investments and retirement services in selected OECD and emerging markets. Our goal globally is to double the contribution to HSBC Group made by insurance by building on, and joining up, our base of insurance and retirement businesses while leveraging HSBC’s brand.”
Charles-Henri Filippi, Chairman and Chief Executive Officer of HSBC France, added: “In line with the shareholders’ agreement, this change of ownership was agreed with the Swiss Life group in order to ensure Erisa’s full integration into HSBC. This will help us expand the distribution of insurance products through our branch network. And, of course, we intend to continue and develop our mutually beneficial, longstanding commercial agreements with Swiss Life.”
Erisa is a joint venture created in 1986 by HSBC and Swiss Life to offer life insurance products through HSBC’s banking network in France. Erisa IARD was created by the two companies in 1991 to provide property and casualty insurance.
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