Dar Es Salaam Sells Insurance Unit

Dar Es Salaam Investment Bank, a 70.1% owned subsidiary of HSBC Asia Holdings BV, has sold its 19.465% equity interest in Iraqi insurance company Dar Es Salaam Insurance to Gulf Insurance Company for a cash consideration of IQD1.557bn (approximately US$1.33m).

The sale took place on 18 December 2011 and represents the disposal of a non-core investment by HSBC.

(Source: HSBC)

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