Amid HK turbulence, HSBC buys AXA Singapore for $575 mn to grow Asia wealth

HSBC Holdings Plc agreed to buy AXA Singapore for $575 million in a push to build a global wealth hub in Singapore and fuel its expansion across Southeast Asia amid increasing tension in China.

The acquisition will give HSBC the eighth largest life insurer in Singapore, as well as a leading group health insurance firm, with assets of $474 million, according to a statement.

“This is an important acquisition that demonstrates our ambition to grow our wealth business across Asia,” Chief Executive Officer Noel Quinn said in the statement. “Wealth is one of our highest growth and highest return opportunities, and plays