HSBC enters into partnership with MSIG in Singapore
The Hongkong and Shanghai Banking Corporation Limited (“HSBC”) has entered into a 15-year exclusive distribution agreement with MSIG Insurance (Singapore) Pte. Ltd. (“MSIG Singapore”), to provide a comprehensive range of general insurance propositions covering retail and commercial lines to HSBC’s retail and corporate banking clients in Singapore.
These products will be distributed leveraging HSBC’s personal and commercial banking channels and platforms.
MSIG is a leading provider for general insurance in Asia, with an established network of 18 markets in the region. MSIG Singapore is ranked amongst the top five general insurers in Singapore based on Gross Written Premiums1 .
Wong Kee Joo, HSBC Singapore’s CEO said: “Our ambition is to be the leading wealth manager in Asia by offering retail and corporate clients in Singapore integrated offerings across banking, wealth and insurance. We are delighted to partner with MSIG though a 15-year exclusive distribution agreement. The complementary strengths of HSBC’s extensive distribution network and MSIG’s full suite of general insurance propositions will result in holistic and comprehensive solutions to meet our clients’ needs.”
Greg Hingston, CEO, HSBC Global Insurance and Partnerships, added: “We are delighted to enter into this strategic partnership with MSIG, one of the leading general insurers in the region, with a presence and proven track record in Singapore for over 100 years. This strategic alliance will enable us to enhance our general insurance propositions to meet the growing and diverse needs of our customers, complementing our core life, health and wealth offerings. It also further strengthens HSBC’s position as one of the leading bancassurers in Singapore.”
Media enquiries to:
Dorlisa Goh | +65 9459 3898 | dorlisa.goh@hsbc.com.sg
Grace Lam | +852 3663 5877 | grace.y.c.lam@hsbc.com.hk
Note to editors:
1Based on General Insurance Association’s industry statistics for Singapore Insurance Fund 2022.
The Hongkong and Shanghai Banking Corporation Limited
The Hongkong and Shanghai Banking Corporation Limited is the founding member of the HSBC Group. HSBC serves customers worldwide from offices in 62 countries and territories in its geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of US$2,967bn at 31 December 2022, HSBC is one of the largest banking and financial services organisations in the world.
HSBC Singapore
HSBC opened its first branch in Singapore in 1877. A qualifying full bank serving international needs of individual, corporate and institutional clients, HSBC in Singapore offers a comprehensive range of banking and financial services including retail banking and wealth management; commercial, investment and private banking; insurance; forfaiting and trustee services; securities and capital markets services. It was recognised by Asiamoney as “Best International Bank in Singapore” in 2022.