HONG KONG, Feb 26 (Reuters) - 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
HSBC Begins Sale of Singapore Insurance Unit, Targeting $1B-Plus Valuation
Sale Process and Potential Valuation
HONG KONG, Feb 26 (Reuters) - 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.
JPMorgan Appointed as Adviser
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.
Early Interest from Japanese Insurers
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.
Company Responses and Comments
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.
Reporting and Editing Credits
(Reporting by Kane Wu and Selena Li in Hong Kong, additional reporting by Jemima Denham of The Insurer in London and Anton Bridge in Tokyo; Editing by Sumeet Chatterjee and Muralikumar Anantharaman)
