US tariffs Singapore; Allianz buys HSBC Singapore insurer
The US has imposed a 12.5% tariff on Singapore over forced-labor concerns, while Allianz agreed to buy HSBC’s Singapore Life unit for about US$2.9 billion, reflecting a broader push to streamline portfolios in Singapore. HSBC’s sale, including a 15-year exclusive bancassurance distribution deal, is part of its strategy to free capital and focus on core markets, potentially boosting CET1 and enabling higher returns.