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HSBC said to explore sale of Singapore insurance business
(Sharecast News) - HSBC is reportedly exploring options for its insurance unit in Singapore, including a sale. According to Bloomberg, citing people familiar with the matter, the bank and a financial adviser are working on a review of HSBC Life (Singapore) Pte, which could be valued at more than $1bn in a transaction. Other insurers and investment firms have shown early interest, they said.
Sources said considerations are preliminary and no final decision has been made.
A representative for HSBC declined to comment on a query from Bloomberg News. He said the bank is committed to Singapore as an international wealth and wholesale hub, and that it is crucial to strategy and a key focus for investment and growth.
A sale would follow other HSBC disposals in Europe and North America. Last year, the bank agreed to sell its UK life insurance business to Chesnara and its custody business and private banking operations in Germany. It also sold its French life insurance unit.
At 1055 GMT, HSBC shares were up 1.7% at 1,234p.
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