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HSBC was born from one simple idea – a local bank serving international needs. In March 1865, HSBC opened its doors for business in Hong Kong, helping to finance trade between Europe and Asia.

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Which country owns HSBC Bank?

It is part of the worldwide HSBC Group and is wholly owned by Hong Kong-based The Hong Kong and Shanghai Banking Corporation Limited.

Is HSBC a US bank?

HSBC USA Inc. is a U.S. bank holding company whose principal subsidiary is HSBC Bank USA N.A. HSBC Bank USA, N.A. is a federally chartered bank that is a member bank of the Federal Deposit Insurance Corporation (FDIC) and is regulated by the Office of the Comptroller of the Currency (OCC).

Is HSBC Bank a good bank?

Beyond offerings through HSBC Direct, most HSBC banking products are average at best compared to other banks. If you’re looking for a full-service bank for more than just checking and savings accounts, HSBC fits the bill. It’s also a top choice if you’re interested in an international bank.

HSBC to acquire AXA Singapore

HSBC Insurance (Asia-Pacific) Holdings Ltd, an indirect wholly-owned subsidiary of HSBC Holdings plc (HSBC), has entered into an agreement to acquire 100% of the issued share capital of AXA Insurance Pte Limited (AXA Singapore) for US$575m.

The proposed acquisition, which is subject to regulatory approval, is a key step in achieving HSBC’s stated ambition of becoming a leading wealth manager in Asia, by expanding its insurance and wealth franchise in Singapore, a strategically important scale market for HSBC, and a major hub for its ASEAN wealth business.

AXA Singapore is currently the 8th largest life insurer in Singapore by annualized new premiums, 5th largest property and casualty (P&C) insurer and a leading group health player.

AXA Singapore had net assets of US$474m, annualized new premiums of US$85m, gross written premiums of US$739m and profit before tax of US$23m for the year ended 31 December 2020.

AXA Singapore is a good fit with HSBC’s existing HSBC Insurance (Singapore) Pte Ltd’s (HSBC Life Singapore) business.

Both businesses have complementary products across the spectrum of insurance solutions and distribution channels, while AXA Singapore provides access to a sizeable tied-agency sales force, several leading independent financial advisory firms, and a large pool of insurance policyholders and corporate relationships.

This combined business will not only materially scale up HSBC’s presence in the regional insurance market, it will also provide an excellent platform for future growth.

The combined business would be the 7th largest life insurer (based on annualized new premiums) and 4th largest retail health insurer (based on gross premiums) with over 600,000 policies in-force covering life, health and P&C.