March 12 (Reuters) – Allianz SE (ALVG.DE), opens new tab and Sun Life Financial (SLF.TO), opens new tab are considering bids for HSBC’s (HSBA.L), opens new tab 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.
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Sources told Reuters in February that HSBC had begun engaging potential buyers, such as Dai-ichi Life (8750.T), opens new tab and Nippon Life, for its Singapore insurance business, which is hoping the deal will be valued at more than $1 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.
Reporting by Rajveer Singh Pardesi in Bengaluru; Editing by Rashmi Aich
Allianz, Sun Life weigh bids for HSBC Singapore insurance business, Bloomberg News reports
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