Business · 24 July 2026

Allianz is paying £1.6bn for HSBC's insurance business in Singapore

Yusuf Miah (Pexels) | Warszawska róg Szerokiej w Tomaszowie Mazowieckim, w województwie łódzkim, PL, EU. CC0 (Wikimedia, CC-Zero)

The bank anticipates a £1.4bn pre-tax profit from the transaction when it officially completes in the first half of 2027. HSBC chief executive Georges Elhedery signed off on the sale following a strategic review that has already cut 15% of its managing director roles. The agreement gives the German buyer a fresh chance in Singapore after politicians blocked a previous £1.7bn takeover attempt.

By BriefTea Editorial · 24 July 2026 at 10:14

Reported by City AM · How we write briefs

Get the app

More briefs

BusinessLockheed Martin may build UK's new £2bn Skynet satellites BusinessKFC dropping Pepsi for Coca-Cola in all US restaurants by early 2027 BusinessSome Anthropic investors reportedly eye $1.5tn valuation, down from the $2tn expected BusinessLondon's top shares reach a seven-week high as investors buy safer British businesses BusinessThames Water needs £2.4B more to avoid government takeover BusinessBritish pound rises against the dollar after the UK economy unexpectedly grows More business stories → Browse all stories →