Allianz SE and Canada's Sun Life Financial are exploring bids for HSBC Holdings' insurance operations in Singapore, following the bank's announcement of a strategic review of the business, sources familiar with the matter indicated to the news agency Bloomberg.
Bloomberg also reported that Japan’s Dai-ichi Life Holdings and Nippon Life Insurance too could enter the bidding for HSBC Life Singapore. The sources spoke on condition of anonymity, as discussions remain private. The sales process began this month, with non-binding offers expected in the coming weeks.
At this stage, all potential bidders are still evaluating their options. Companies currently involved in the process may choose to withdraw, and additional bidders could yet emerge.
HSBC initiated a review of its insurance operations in January as part of a broader global streamlining plan. The bank highlighted Singapore as a priority market and indicated that all strategic options for the business will be considered.