HSBC Bank Malta plc - Acquisition of Insurance Policy Book

Thursday, March 14th, 2013

On 14 March 2013, HSBC Bank Malta plc announced that its wholly owned subsidiary, HSBC Life Assurance (Malta) Limited, has agreed to enter into a Portfolio Transfer Agreement with HSBC Life (Europe) Limited to acquire the latter’s insurance policy book for nil consideration.  The transaction is expected to be completed in the fourth quarter of 2013 subject to regulatory approvals.

The portfolio comprises unit-linked investment policies (sold across the EU under the Freedom of Services provisions) with total funds under management of €1.1 billion as well as a closed book of life protection business. The whole portfolio being transferred generated around €2.75 million in gross annual management charges during 2012.

The announcement also explained that the transaction will provide HSBC Life Assurance (Malta) Limited with additional benefits of scale.

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