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HSBC to acquire Axa Singapore for $575m in wealth push

The bank is investing $3.5bn and hiring more than 5,000 new wealth managers in the region over the next three to five years

By Paul Clarke
'This is an important acquisition that demonstrates our ambition to grow our Wealth business across Asia,' HSBC's chief executive Noel Quinn said
'This is an important acquisition that demonstrates our ambition to grow our Wealth business across Asia,' HSBC's chief executive Noel Quinn said Photo: Bloomberg via Getty Images

HSBC has agreed to buy Axa Singapore for $575m, a deal that will help fuel its wealth management ambitions in Asia.

The UK lender will use the acquisition to "materially scale up, grow and diversify our insurance and wealth business in Singapore" said Nuno Matos, chief executive, wealth and personal banking in a statement announcing the deal.

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