HSBC Bank announces that its wholly owned subsidiary, HSBC Life (UK) Limited, will be sold to Chesnara plc, a UK-based company specializing in life insurance and pensions.

The agreement, which has been entered into as a binding contract, provides for the transfer of all existing life insurance policies and investment products written by HSBC Life UK.

The transaction is expected to be completed in early 2026, subject to regulatory approvals.

Approximately 230 employees are expected to join Chesnara upon completion of the transaction. This divestment is part of the HSBC group's simplification strategy announced in October 2024, which aims to strengthen its positions in markets where it has a strong competitive advantage.

HSBC will continue to serve the UK market, one of its four strategic pillars, by offering life insurance products through third-party partners after the transaction.


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