OREANDA-NEWS. April 24, 2013. HSBC Insurance (Asia) Limited, an indirect wholly owned subsidiary of HSBC Holdings plc, has entered into an agreement to dispose of its general insurance business in Macau to QBE Insurance (International) Limited (‘QBE’).

The gross asset value of this business was approximately HKD6.97m (approximately USD0.9m) at 31 December 2012.

The Hongkong and Shanghai Banking Corporation Limited (‘the Bank’), an indirect wholly owned subsidiary of HSBC Holdings plc, has also entered into a non-exclusive agreement with QBE to distribute their general insurance products to the Bank’s customers in Macau. Under the agreement, QBE will pay commissions to the Bank on product sales.

The disposal of the Macau general insurance business is subject to regulatory approval and is expected to complete in the first half of 2013.