HSBC parts way with its insurance subsidiary

British bank HSBC has sealed an agreement with Axa Life Insurance Singapore for the cession of its insurance activities. The French insurer will disburse nearly 19.3 million USD to acquire the portfolio. In May 2011, HSBC was committed to reduce its costs by cutting nearly 30 000 jobs throughout the world and by refocusing on its banking business. Additional reductions amounting to 1 billion USD had been forecasted for the year 2013.