Allianz, Sun Life weigh bids for HSBC Singapore insurance business, Bloomberg News reports

Allianz SE and Sun Life Financial are considering bids for HSBC’s (0005) Singapore insurance unit after the bank launched a strategic review of the business, Bloomberg News reported on Thursday, citing people familiar with the matter.

Reuters could not immediately verify the report. Allianz, Sun Life, and HSBC did not immediately respond to requests for comment.

Sources told Reuters in February that HSBC had begun engaging potential buyers, such as Dai-ichi Life and Nippon Life, for its Singapore insurance business, which is hoping the deal will be valued at more than US$1 billion (HK$7.8 billion).

HSBC’s plan to divest its Singapore life insurance manufacturing business comes as the London-based bank seeks to simplify its operations and exit businesses that are not viewed as adding value.

Reuters