HSBC divests Singapore life and health insurance business for $2.1 billion

HSBC has agreed to sell its Singapore-based life and health insurance operations for $2.1 billion, a move expected to generate a $1.8 billion pre-tax profit. The transaction will bolster the bank's Common Equity Tier 1 (CET1) capital ratio by approximately 15 basis points, reflecting a strategic shift toward core banking operations.