hsbc-takes-584-million-stake-in-hana-life

HSBC takes $58.4 million stake in Hana Life

Meanwhile, the insurer is helping BaoViet launch Vietnam's first unit-linked investments.
HSBC Insurance has agreed to acquire 50% less one share of Hana Life Insurance for W53 billion $58.4 million. This is the latest in a series of ambitious moves underlining its goal of producing 20% of HSBC Group profits, which was outlined last year.

Separately, the firm is working with Vietnam Insurance BaoViet to offer the first unit-linked investments in that country, with the hope that the Ministry of Finance will approve this sometime in 2008, says David Fried, Asia-Pacific regional head of insurance in Hong Kong.

Currently the insurance division in Asia Pacific which includes Japan, Australia, India and parts of Africa, but not the Middle East contributes around 8% of the...
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