March 12 (Reuters) - Allianz SE and Sun Life Financial are considering bids for HSBC's Singapore insurance unit after the bank launched a strategic review of the business, Bloomberg News reported on
Allianz, Sun Life weigh bids for HSBC Singapore insurance business, Bloomberg News reports
Potential Bidders and Strategic Review of HSBC Singapore Insurance Unit
March 12 (Reuters) - Allianz SE and Sun Life Financial are considering bids for HSBC's Singapore insurance unit after the bank launched a strategic review of the business, Bloomberg News reported on Thursday, citing people familiar with the matter.
Responses from Involved Companies
Allianz and HSBC did not immediately respond to Reuters' requests for comment, while Sun Life said it does not address market speculation, but is consistently looking for opportunities that strengthen its scale and capabilities and advance its medium-term objectives.
Other Potential Buyers
Sources told Reuters in February that HSBC had begun engaging potential buyers, including Dai-ichi Life and Nippon Life, for its Singapore insurance business and was hoping for a deal valued at more than $1 billion.
HSBC's Strategic Rationale
HSBC's plan to divest the unit comes as the London-based bank seeks to simplify its operations and exit businesses it thinks do not add enough value.
Reporting Credits
(Reporting by Rajveer Singh Pardesi in Bengaluru; additional reporting by Mihika Sharma in Bengaluru; Editing by Rashmi Aich and Jonathan Ananda)
