KUALA LUMPUR: HSBC Insurance (Asia Pacific) Holdings Ltd, an indirect wholly-owned subsidiary of HSBC Holdings Plc, has completed the sale of its 49 per cent stake in HSBC Amanah Takaful (M) Bhd (HATB) to FWD Life Insurance Company (Bermuda) Ltd.
In a statement, HSBC said the transaction related to a change in ownership of HATB and did not have any impact on HSBC Group’s current business in Malaysia, comprising HSBC Bank Malaysia Bhd and HSBC Amanah Malaysia Bhd.
“Malaysia also remains a key insurance distribution market for HSBC and it will continue to support the insurance needs of its customers through its insurance partners,” it said.
Malaysia is one of eight scale markets for the HSBC Group.
HSBC said it remained highly committed to Malaysia and to retaining its position as a leading international financial institution in the country.
It has already committed to investing US$250 million to construct its new Malaysian headquarters in the new financial hub of TRX City.- Bernama
