LONDON (dpa-AFX) - HSBC Holdings Plc (HSBC) is reviewing strategic options for its insurance business in Singapore, including a potential sale, Bloomberg reported on Wednesday, citing people familiar with the matter.
According to the report, HSBC and a financial adviser are working on a review of HSBC Life (Singapore) Pte, which could be valued at more than $1 billion in a transaction. The people said other insurers and investment firms have shown early interest in the unit.
The move follows business revamps undertaken globally under Chief Executive Officer Georges Elhedery, Bloomberg reported.
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