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HSBC (00005.HK) Reportedly Shortlists Allianz and Two Others for Sale of Singapore Insurance Unit
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Bloomberg, citing sources, reported that HSBC (00005.HK) has narrowed the shortlist of bidders for its Singapore insurance subsidiary to Allianz, Dai-ichi Life (8750.JP) and Sumitomo Life Insurance. It is understood that the shortlisted bidders are working with advisers to prepare binding offers for HSBC Life Singapore in the coming weeks. HSBC may seek a valuation of up to USD2 billion for the business. Responding to the report, HSBC said its Singapore insurance business remains under strategic review. The group emphasized its commitment to developing Singapore as an international wealth management and wholesale banking hub, stating that Singapore is strategically critical to the group and a key focus for investment and growth. (mn/u) This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. Auto-translated by AI AASTOCKS Financial News |
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