HSBC France will buy the remaining 50.01 per cent of life insurer Erisa and property and casualty insurer Erisa IARD from Swiss Life.

This transaction is consistent with HSBC’s aim to be a market leader in life, pensions, investments and retirement services in selected OECD and emerging markets. HSBC’s global goal is to double the insurance’s contribution to the group by building on and joining up insurance and retirement businesses while leveraging the HSBC brand.

“Insurance is a field that will see the HSBC Group ride on its banking strengths, its global networks and its client base and relationships,” said HSBC Bank Malta plc chief executive officer Shaun Wallis.