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HSBC is putting its general insurance business up for sale for around $1bn, according to The Times. The unit sells general insurance in the UK, France, Hong Kong and Signapore and is free from payment protection insurance claims. HSBC Insurance sells property, aviation and motor insurance. A deadline for the deal is set for mid-October with private equity already understood to be interested. Two years ago, HSBC sold its broking arm, HSBC Insurance Brokers to Marsh.
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