# HSBC offloads Singapore life arm in £1.6 billion deal

By Russ Mould — 2026-07-24

As part of an ongoing overhaul by chief executive Georges Elhedery, HSBC has agreed to sell its Singapore life and insurance business to Allianz for 2.7 billion Singapore dollars (£1.6 billion).

Russ Mould, investment director at AJ Bell, said: “Changing the course of a supertanker of a business like HSBC is not an easy task but that certainly isn’t preventing CEO Georges Elhedery from giving it a good go.

“The agreement to sell its Singapore insurance business for $2.1 billion is just the latest move from Elhedery who has already shut down investment banking operations in the US and Europe and exited some other markets.

“These strategic moves are intended to lean into HSBC’s strengths and make it a more streamlined and focused business.

“This latest move received a cautious thumbs up from investors and so far in 2026, shares in HSBC are up nearly 30 per cent, suggesting the market is on board with Elhedery’s plan.”

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