The agreement is on an exclusive basis, the UK/Hong Kong-listed bank said.

HSBC has entered a 15-year exclusive distribution agreement with MSIG Insurance (Singapore) Pte, through which it will provide a range of insurance propositions to HSBC’s retail and corporate banking clients in Singapore.

These products will be distributed by using HSBC’s personal and commercial banking channels and platforms.

MSIG has a network of 18 markets in the region. 

“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,” Wong Kee Joo, HSBC Singapore's CEO, said. 

Greg Hingston, CEO, HSBC Global Insurance and Partnerships, added: “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.”

Photo: Representatives from HSBC and MSIG Singapore at the signing ceremony of the 15-year exclusive distribution agreement. From left: Harpreet Brinda (head of Strategy & Business Development, HSBC Global Insurance and Partnerships), Ashmita Acharya (head of Wealth & Personal Banking, HSBC Singapore), Wong Kee Joo (CEO, HSBC Singapore), Mack Eng (CEO, MSIG Singapore), Ho Lee Yen (CEO, HSBC Life Singapore), and Takahiro Sawada (managing director, MSIG Singapore).