Linklaters and CC advise on HSBC's $914m insurance sale
Clifford Chance (CC) and Linklaters have picked up lead roles on HSBC's sale of its Asian and Latin American insurance businesses to AXA and QBE for $914m (£578m). CC is acting both for HSBC and Hang Seng Bank on the sale of the businesses in Hong Kong, Singapore, Argentina and Mexico. Linklaters is advising AXA, which is paying $494m (£313m) in cash for HSBC's insurance portfolios in Hong Kong, Singapore and Mexico.
March 08, 2012 at 09:47 AM
2 minute read
Clifford Chance (CC) and Linklaters have picked up lead roles on HSBC's sale of its Asian and Latin American insurance businesses to AXA and QBE for $914m (£578m).
CC is acting both for HSBC and Hang Seng Bank on the sale of the businesses in Hong Kong, Singapore, Argentina and Mexico.
Linklaters is advising AXA, which is paying $494m (£313m) in cash for HSBC's insurance portfolios in Hong Kong, Singapore and Mexico.
QBE meanwhile is understood to have turned to a number of firms in relation to its $420m (£266m) cash offer the acquisition of HSBC Argentina's general insurance subsidiary HSBC La Buenos Aires Seguros and Hang Seng's Hong Kong insurance business.
The CC team is being led by Asia corporate head Roger Denny, along with Hong Kong partner Amy Ho and London partner Alex Erasmus. London financial institutions regulatory partner Tim Page and Singapore-based M&A partner Lee Taylor also advised on the deal.
CC also referred work in Mexico and Argentina to Galicia Abogados and Bruchou Fernandez Madero & Lombardi respectively.
Linklaters team is being led by Hong Kong partner Robert Cleaver and London partner Dan Schuster-Woldan while, according to Legal Week sister title the Asian Lawyer, Rajah & Tann partners Serene Yeo, Cheng Yoke Ping, and Elaine Tay are providing Singapore counsel to AXA.
As part of the deal, AXA and QBE are set to benefit from a 10-year partnership agreement that will allow the insurance companies to use the bank's sales channels for selling insurance products. Under the arrangement AXA and QBE will pay commissions on product sales and may also make profit-related payments to HSBC and Hang Seng Bank.
The transactions, which are subject to regulatory approvals, are expected to complete during the second half of 2012, although the Argentina sale may complete earlier.
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