HSBC France has agreed to buy the remaining 50.01 per cent of life insurer Erisa from Swiss Life in a deal worth €228.75 million (£155.29 million).
The London-based bank announced it would be buying Swiss Life's shares in the life insurer and property and casualty insurer Erisa IARD today.
Created in 1986, Erisa is a joint venture of HSBC and Swiss Life to offer life insurance products through the bank's network in France.
Clive Bannister, group managing director of insurance, said the transaction was "consistent with [its] aim to be a market leader in life, pensions, investments and retirement services in selected and emerging markets".
He added: "Our goal globally is to double the contribution to HSBC Group made by insurance by building on, and joining up, our base of insurance and retirement businesses while leveraging HSBC's brand."
Chairman and chief executive of HSBC France, Charles-Henri Filippi, reiterated Mr Bannister's sentiments saying: "This will help us expand the distribution of insurance products through our branch network. And, of course, we intend to continue and develop our mutually beneficial, longstanding commercial agreements with Swiss Life."
The Zurich-based company confirmed the sale, adding that the transaction was positive for Swiss Life’s "strategic and financial flexibility".
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