HSBC Insurance (Asia-Pacific) Holdings Ltd., a wholly-owned unit of HSBC Holdings plc (HBC: Quote,HSBA.L), has subscribed for new shares in Hana HSBC Life Insurance Company Ltd. The subscription of KRW25 billion or about $22 million was funded in cash from internal resources.
Hana HSBC Life was established in 2008 as a life insurance joint venture between Hana Financial Group Inc. (50% plus one share) and HSBC Insurance (50% less one share).
The company noted that the interests of both joint venture partners in Hana HSBC Life remain the same as Hana Financial Group has also subscribed for an equivalent proportion of new shares.
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by RTT Staff Writer
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