AXA Hong Kong acknowledges the press release (https://www.axa.com/en/newsroom/press-releases/axa-to-sell-its-swiss-privilege-franchise-in-hong-kong-axa-wealth-management-hk-ltd) published by AXA Group, its parent company, relating to the sale of its Swiss Privilege franchise in Hong Kong, AXA Wealth Management (HK) Ltd.

This transaction is in line with the Group’s portfolio simplification, and allows AXA Hong Kong to focus on its core Life agency and broker channels, while simplifying its corporate structure for agility and growth. AXA remains strongly committed to grow the Life, Health and Property & Casualty businesses in Hong Kong across all customer segments including high net-worth individuals.

The proposed transaction is subject to customary conditions, including the receipt of regulatory approvals, and is expected to be finalised by the end of 2018 or early 2019.