HSBC Holdings Plc $HSBA (+1,28 %) is reportedly considering various options for its insurance business in Singapore, including a potential sale, as part of the ongoing Group reorganization under CEO Georges Elhedery.
Bloomberg News, citing people familiar with the matter who asked not to be named, reported that the banking giant is working with a financial adviser on a review of HSBC Life (Singapore) Pte.
The insurance division could be valued at more than 1 billion US dollars in a transaction.
Several insurers and investment firms have already expressed initial interest in the division, according to the report.
The review is still at an early stage and no final decision has been made on the future of the insurance business in Singapore.
This potential divestment is part of other business reorganizations HSBC has undertaken globally under Elhedery's leadership as the bank continues to evaluate its portfolio of businesses in various markets.