HSBC Bank plc, a wholly owned subsidiary of HSBC Holdings plc, has entered into a binding agreement to sell its UK life insurance entity, HSBC Life (UK) Limited (“HSBC Life UK”), to Chesnara plc (“Chesnara”), a UK-based life and pensions business.

The transaction includes all in-force life insurance policies and investment products written by HSBC Life UK and is expected to complete in early 2026, subject to regulatory approval.

On completion, approximately 230 roles supporting HSBC Life UK are expected to transfer to Chesnara and both parties will work closely over the coming months to enable a smooth transition for colleagues and customers.

The transaction forms part of the simplification of the HSBC Group announced in October 2024. HSBC is focused on increasing leadership and market share in the areas where it has a clear competitive advantage, and where it has the greatest opportunities to grow and support its clients.

HSBC has a market leading position in the UK serving retail, commercial and corporate and institutional banking clients. The UK is one of HSBC’s four core businesses and will continue to be a focus for growth. Following completion of the transaction, HSBC UK will continue to offer life insurance products to UK customers from third party providers.