HSBC (HSBA.L) is to sell its HSBC Insurance (UK) business in a cash deal worth to £68 million with Syndicate Holding Corp.

The HSBC Insurance Services subsidiary is a UK motor insurer, which ceased writing new business in 2009 and signals the completion of HSBC's exit from the underwriting sector.

The bank will continue to offer motor insurance to customers via the HSBC, first direct and M&S Money brands through third party insurers.

The deal is expected to complete in the third quarter of the year.

The bank has sold a number of its insurance subsidiaries in the past few years.

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