Multinational bank HSBC Holdings Plc is reportedly considering selling its insurance unit in Singapore.
Bloomberg News reported on Wednesday that the move comes amid orders from the group’s chief executive officer, Georges Elhedery, to reform its businesses.
Sources said HSBC Life (Singapore) could be worth more than $1bn in a transaction, and insurers and investment firms have already expressed interest. People familiar with the matter said no final decision has been made, and the potential sale remains under review.
HSBC Life is one of the largest life insurers in Singapore, offering a wide range of insurance solutions catering to protection, legacy planning, and wealth accumulation needs.