Refreshing HSBC Insurance

Strong growth is possible despite the insurer discontinuing its agency distribution channel, says its Singapore chief.

Published Sun, Mar 29, 2015 · 09:50 PM

HSBC Insurance Singapore seems to have pressed the pause button on its retreat from the different businesses and is now trying to catch its breath as it recovers.

This follows four years of massive global overhaul to be more cost-efficient by HSBC, Europe's biggest bank by market capitalisation.

Since Stuart Gulliver took over as HSBC chief executive in 2011, the bank has exited several non-core markets around the world, simplifying its structure and turning its focus on high-growth markets in Asia.

If it is any indication that the lengthy restructuring is showing results, Ian Martin, the chief executive of HSBC Insurance here said that "profits in 2014 were greatly up on 2013". "Our balance sheet …

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