HSBC chooses AXA and Generali for the cession of its insurance activity

HSBC bank is willing to cease its non-life insurance activity in Asia, France and in some Latin American countries. AXA and Generali stand among the companies preselected by the bank which hopes to raise 1 billion USD. This move, nonetheless, comes at a time when financial institutions would rather keep their liquidities as a result of the debt crisis. The sale could yield only 750 million USD. HSBC, which would prefer a single cession, might be compelled to split its offer per geographical zone in an effort to get a better price.