Leading international law firm Clifford Chance has advised HSBC Insurance (Singapore) Pte. Limited, a wholly-owned subsidiary of HSBC Holdings plc, on the sale of its group term life and employee benefits business in Singapore to AXA Life Insurance Singapore Private Limited and The Hongkong and Shanghai Banking Corporation Limited (HSBC), another wholly-owned subsidiary of HSBC Holdings plc, on the related distribution agreement.
The transaction was carried out by means of a scheme of transfer between HSBC Insurance and AXA Life Singapore pursuant to Section 49FB of the Singapore Insurance Act (Cap. 142) which was approved by the Monetary Authority of Singapore and confirmed by the High Court of Singapore.
This sale is part of a broader transaction which involved the sale of the general insurance businesses of HSBC Insurance to AXA in Singapore and the related distribution agreement, which the firm advised on last year.
“We are delighted to have advised HSBC on another transaction as part of their global disposal programme of non-core assets” said Singapore Corporate partner Lee Taylor who led the Singapore team on this transaction, as well as the Singapore aspects of the broader transaction which completed last year. “We continue to see excellent M&A opportunities in the insurance and other financial services sectors as financial institutions look to divest their non-core businesses as part of their shift in strategic focus”.
Lee was supported by associate Si Wei Chua on this transaction. Hong Kong Corporate Partner Amy Ho led the team on the sale and purchase agreement for the transaction and was supported by senior associate Satbir Walia.
Senior Counsel, Harpreet Singh Nehal led the team from Clifford Chance Asia ( a Formal Law Alliance (FLA) between boutique dispute resolution firm, Cavenagh Law LLP and Clifford Chance Pte Ltd,) which advised and assisted on the application to the High Court for the confirmation of the scheme.
Clifford Chance is the only top-tier international law firm in Singapore that holds both a QFLP license and an FLA allowing it to offer the full scope of international and domestic law advice in Singapore – both contentious and non contentious, from one platform. This case is an example of the strength of the Clifford Chance Asia offering, providing a complete service by permitting Clifford Chance Asia to advise clients from the inception of the deal through to confirmation of the scheme in the Singapore Courts.
