HSBC buys NYLI stake in local insurer for US$30mn

HSBC Latin America BV, a subsidiary of HSBC Holdings, has acquired for US$30mn the remaining 40% stake in Argentine health insurer HSBC Salud not under its control, HSBC said in a press release. The transaction forms part of an agreement dated October 2000 that provided for New York Life (NYLI) to sell its 40% interest in HSBC Salud to HSBC prior to September 30, 2004. NYLI remains in partnership with HSBC in two separate operations: pension manager HSBC Maxima and life insurer HSBC New York Life.