HSBC Life Assurance (Malta), a wholly-owned subsidiary of the HSBC Bank Malta, has today entered into an agreement with Lombard International Assurance SA for the sale of insurance policies governed by the Wealth Insurance Italy portfolio, the bank said in a company announcement.

As at September 30, 2017, the insurance portfolio being transferred had total funds under management of circa €500 million and produced gross annual management charges of approximately €780,000 in 2016.

This insurance portfolio forms part of a larger portfolio which was acquired in 2014 for nil consideration and is being sold for €1.

The transaction is expected to be completed in the last quarter of 2018, subject to regulatory approvals and any other approvals which are necessary in terms of local insurance rules/legislation.

LIA is incorporated under the laws of Grand Duchy of Luxembourg.

The bank said in a company announcement that this portfolio does not form part of HLA’s core business.

“The transfer will enable increased focus on the domestic insurance market which is HLA’s strategic priority,” it said.

The transfer process will be managed by HLA’s CEO Stuart Fairbairn.

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