HSBC sells UK pension business to Swiss Re

11th Jun 2014 12:14

HSBC on Wednesday said it has agreed to sell its UK pensions business to ReAssure, owned by Swiss Re.The bank will sell the business's policies and associated annuities book, but continue to manage its assets. At the end of last year the underlying assets of the firm was £4.2bn, on which £4bn were managed by HSBC and will continue to be under a new contractual arrangement. The deal is expected to complete in the second half of 2015, subject to regulatory approvals. The move comes as HSBC works to cut costs by exiting non-core businesses. RD