Overview
- The review covers HSBC Life (Singapore) and will consider all options for the insurance manufacturing business, with no decision announced.
- The bank says Singapore remains a priority market and it will keep offering insurance products while accelerating wealth and wholesale banking growth.
- The step forms part of CEO Georges Elhedery’s ongoing simplification drive that has included selling the UK life arm and winding down some M&A and equities activities.
- HSBC shares rose as much as 1.6% in Hong Kong after the announcement, while Bloomberg Intelligence expects strong bidder interest if a sale proceeds.
- HSBC expanded in Singapore by buying AXA Singapore in 2022, and recent life-insurance deals in the city have drawn close scrutiny, including Allianz’s abandoned bid for Income and Sumitomo’s stake purchase in SingLife.