HSBC (0005) has narrowed down the bidders for its Singapore insurance business that seeks value as much as US$2 billion (HK$15.7 billion) to Allianz, Daiichi Life Group, and Sumitomo Life Insurance, Bloomberg reported.
Previously, Sun Life Financial and Nippon Life Insurance were reported to be on the bidding list for the unit.
The shortlisted firms are now working with advisers to prepare binding bids for HSBC Life Singapore in the coming weeks, while the talks are ongoing, with no final decision being made, the report said, citing people familiar with the matter.
Besides, Sumitomo Life plans to submit a bid for the unit through its Singlife business, according to the report.
A representative for HSBC noted that its Singapore insurance business is still undergoing a strategic review and that the bank will commit to positioning Singapore as an international wealth management and wholesale banking hub.
The spokesperson added that Singapore is vital to the bank's strategy, and it also acts as a key focus for the lender's investment and growth.
