HSBC subscribes for new shares in Hana HSBC Life

RNS Number : 8163K

HSBC Holdings PLC

27 August 2012

 



27 August 2012

HSBC SUBSCRIBES FOR NEW SHARES IN HANA HSBC LIFE

HSBC Insurance (Asia-Pacific) Holdings Limited ('HSBC Insurance'), a wholly-owned subsidiary of HSBC Holdings plc, has subscribed for new shares in Hana HSBC Life Insurance Company Limited ('Hana HSBC Life'). The subscription of KRW25bn (approximately US$22m) was funded in cash from internal resources.

Hana HSBC Life was established in 2008 as a life insurance joint venture between Hana Financial Group Inc. (50% plus one share) and HSBC Insurance (50% less one share).

The interests of both joint venture partners in Hana HSBC Life remain unchanged because Hana Financial Group has also subscribed for an equivalent proportion of new shares.

Media enquiries to:
Gareth Hewett	[phone]	[e-mail]
Tim Nicholls	[phone]	[e-mail]

Note to editors:

HSBC Holdings plc

HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The Group serves customers worldwide from around 6,900 offices in over 80 countries and territories in Europe, the Asia-Pacific region, North and Latin America, and the Middle East and North Africa. With assets of US$2,652bn at 30 June 2012, the HSBC Group is one of the world's largest banking and financial services organisations.

 

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