Thursday, 15th March 2012 by Rachel Hall
Mexico’s Galicia Abogados, Clifford Chance LLP and Brazil’s Machado, Meyer, Sendacz e Opice Advogados have helped HSBC sells its general insurance business in Mexico to French insurer AXA Group.
HSBC has sold off its Mexican insurance assets (Credit: tbee)
Mexico’s Ritch Mueller SC provided counsel to AXA Group on the deal which closed on 7 March and forms part of HSBC’s US$1.2 billion asset sale in Argentina, Mexico, Singapore and Hong Kong. AXA Group is picking up assets in Mexico, Singapore and Hong Kong, while QBE has turned to Argentine firm Allende & Brea to purchase business units in Argentina and Hong Kong for US$784 million. Bruchou, Fernández Madero & Lombardi is providing Argentine counsel to HSBC.
As part of the deal, HSBC entered into a 10-year exclusive insurance distribution agreements with AXA Group, enabling the company to become the exclusive provider of casualty or liability insurance products distributed by HSBC to customers in Mexico.
The transactions are subject to regulatory approvals and are expected to close during the second half of 2012.
HSBC has recently sold off assets in several other Latin American countries. In January, the bank sold US$801 million worth of assets in Costa Rica, El Salvador and Honduras to Banco Davivienda. The bank turned to a raft of firms for the deal, including Linklaters, Arias & Muñoz (Costa Rica), Arias & Muñoz (El Salvador) and López Rodezno & Asociados in Honduras, Berdeja Abogados SC in Mexico, Panama′s Morgan & Morgan and again Brazil′s Machado, Meyer, Sendacz e Opice Advogados.
In October last year, HSBC worked with its in-house counsel to sell its retail banking business in Chile to Banco Itaú, which turned to Claro y Cía.
Counsel to HSBC
Clifford Chance LLP
Partners Amy Ho, Timothy Page, Lee Taylor and Alex Erasmus and associates Mark Hultum, James Twigg, Derek Hung, Rebecca Goldie and Hugo Laing
Mexico
Galicia Abogados
Partner Humberto Perez Rocha and associates Carlos Barnard and Carlos Navarro
Brazil
Machado, Meyer, Sendacz e Opice Advogados
Partners Eduardo Avila de Castro, Camila Borba Lefevre and Thais de Gobbi, and associate Pedro Corbucci Caldeira Nasi
Counsel to AXA Group
Mexico
Ritch Mueller SC
Partner Pablo Pérezalonso Eguía and Associates Daniel Diz Rodriguez and Daniel González
(Latin Lawyer 15.03.2012)
(Notícia na Íntegra)