HSBC weighs future of Singapore life insurance business as analysts assess impact on wealth strategy
The bank says this comes under the group’s global ‘ongoing simplification’ drive
[SINGAPORE] HSBC said on Friday (Jan 16) that it would conduct a strategic review of HSBC Life, its insurance manufacturing business in Singapore.
The review will cover only HSBC Life Singapore, and consider all options for the insurance manufacturing business. No decision has been made yet, said the bank.
Its announcement came shortly after Bloomberg reported that the Hong Kong-based bank was exploring options for its insurance unit in Singapore, including a sale which could be valued at more than US$1 billion. The brand offers products for life and critical illnesses, savings, personal accident and health.
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
