HSBC, Aviva to launch joint insurance venture
Afp, London
HSBC and Aviva, the biggest retail bank and the biggest insurer in Britain, said on Thursday that they would create a general insurance joint venture in their home market. "HSBC Bank and Aviva today (Thursday) announced plans for the creation of a joint venture, under the 'HSBC Insurance' brand, that aims to be a top-10 player in the UK general insurance industry," the pair said in a statement which did not disclose financial details. Under the deal, global banking titan HSBC and Aviva will jointly underwrite insurance policies and sell them to HSBC's 10.2 million British customers. As part of the agreement, HSBC said it would sell two of its existing insurance subsidiaries, Hamilton Insurance and Hamilton Life Assurance, to Aviva.
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