UPDATE: HSBC sells general insurance business for $914 mln

HSBC Holdings

announces it has agreed to sell int sgeneral insurance business for $914 million in cash. Buyers are French insurer AXA Group and Australia's QBE Insurance Group. The agreements are expected to earn commissions and profit-related payments for HSBC in addition to the cash value from the transaction. The company's decision to exit the business could signal similar deals as lenders globally react to stricter reserve requirements by selling capital-intensive businesses. HBC closed at $43.16 a share on Tuesday.