© Reuters. FILE PHOTO: HSBC logo is seen on a branch bank in the financial district in New York, U.S., August 7, 2019. REUTERS/Brendan McDermid//File Photo

SINGAPORE (Reuters) – HSBC said on Monday it had agreed to acquire Axa’s insurance assets in Singapore for $575 million as it scales up its insurance business.

“The proposed acquisition, which is subject to regulatory approval, is a key step in achieving HSBC’s stated ambition of becoming a leading wealth manager in Asia, by expanding its insurance and wealth franchise in Singapore, a strategically important scale market for HSBC, and a major hub for its ASEAN wealth business,” HSBC said in a statement.

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