FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a - 16 or 15d - 16 of
the Securities Exchange Act of 1934
For the month of January, 2007
HSBC Holdings plc
42nd Floor, 8 Canada
Square, London E14 5HQ, England
(Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F).
Form 20-F X Form 40-F ......
(Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934).
Yes....... No X
(If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b): 82- ..............)
HSBC TO ACQUIRE NON-LIFE INSURANCE PORTFOLIO
OF JERNEH INSURANCE (HK) LIMITED
HSBC Insurance (Asia) Limited has entered into an agreement to acquire the
non-life insurance portfolio of Jerneh Insurance (HK) Limited (JIHK). The
portfolio, which has a gross asset value of HK$35.0 million (approximately
US$4.5 million), comprises approximately 10,000 policies in medical, motor,
employee compensation and public liability insurance.
David Fried, CEO of HSBC Insurance (Asia Pacific) Holdings Limited, said: "The
Jerneh Group has made a strategic decision to dispose of its Hong Kong non-life
business. HSBC has a strong presence in the territory and a comprehensive
insurance business. We are well-placed to provide a good continuing service to
Jerneh's customers, who will have access to HSBC's wide range of insurance and
financial services. The portfolio from Jerneh Insurance (HK) will add to our
growing insurance business in the territory."
The acquisition is expected to be completed in the first quarter of 2007.
Completion of the transaction is subject to various conditions including
obtaining regulatory and other approvals.
1. HSBC Insurance (Asia) Limited
HSBC Insurance (Asia) Limited, is a wholly owned subsidiary of HSBC Insurance
(Asia Pacific) Holdings Limited (HSBC Insurance). HSBC Insurance has offices in
the Hong Kong SAR, the Macau SAR, Singapore and Malaysia as well as
representative offices in Beijing, Shanghai and Guangzhou. HSBC Insurance's
total assets stood at HK$80 billion at the end of June 2006.
2. HSBC Holdings plc
HSBC Holdings plc serves over 125 million customers worldwide through some 9,500
offices in 81 countries and territories in Europe, the Asia-Pacific region, the
Americas, the Middle East and Africa. With assets of US$1,738 billion at 30 June
2006, HSBC is one of the world's largest banking and financial services
organisations.
3. Jerneh Insurance (HK) Limited
Jerneh Insurance (HK) Limited (JIHK), which has been operating in Hong Kong for
over 25 years, is a wholly owned subsidiary of Jerneh Asia Berhad, an investment
holding company listed on the Kuala Lumpur Stock Exchange in Malaysia. Jerneh
Asia Berhad has a 31 per cent interest in HSBC Amanah Takaful (Malaysia) Sdn
Bhd, a joint venture Islamic insurance company in Malaysia launched in August
2005. HSBC and The Employees Provident Fund of Malaysia (EFP) hold a 49 per cent
and 20 per cent interest respectively.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
HSBC Holdings plc
By:
Name: P A Stafford
Title: Assistant Group Secretary
Date: 25 January 2007