Overseas Briefs: Manulife and DBS strike S$1 Billion Asia deal, HSBC faces probe over private bankin

Singapore's DBS will earn an upfront S$1.2 billion payment from Toronto-based Manulife to kick off a multi-year deal to distribute the latter's insurance products through the lender. The insurance products are distributed through the bank's branch network rather than through individual insurance agents.
HSBC said it had been placed under formal criminal investigation by French magistrates in connection with the conduct of HSBC's Swiss Private Bank in 2006 and 2007 for alleged tax-related offences. AFP reports the probe is in addition to one launched by French authorities last year into HSBC's Swiss Private Bank. That unit was caught up in the so-called "SwissLeaks" affair - revelations that the HSBC unit allegedly helped over 120,000 clients to hide â‚¬180.6 billion from tax authorities.
Global investment bank Jefferies Group has entered into an agreement to sell most of the futures and commodities activities of its Jefferies Bache business to Societe Generale. The transaction is expected to close in the June quarter. Jefferies estimates this transaction and winding up the balance of the Bache business will result in one-time costs of about US$66 million.