HSBC has started the sale process for its Singapore life insurance product manufacturing business with the hiring of an adviser, and is hoping for the deal to be valued at more than $1 billion, said three sources with knowledge of the matter.
The bank, which makes the bulk of its revenues and profits in Asia, has hired JPMorgan as its adviser, said two of the sources, who declined to be named as they were not authorised to speak to the media.
HSBC has started engaging with potential buyers including Japanese insurers Nippon Life and Dai-ichi Life, and non-binding bids for the business could be expected in a month, said one of the sources.
HSBC, JPMorgan, and Dai-ichi Life declined to comment on the potential sale of the Singapore insurance manufacturing business. Nippon Life did not immediately respond to a Reuters request for comment.
Source: Reuters.com