HSBC Explores Unloading Singapore Insurance Business
London-headquartered HSBC is considering the possibility of selling its Singapore insurance unit as part of ongoing efforts to simplify its business globally.
HSBC has launched a strategic review of its insurance manufacturing business in Singapore, HSBC Life (Singapore), according to a statement. All options will be considered, including a sale, with no decision yet to be made.
The review is part of the group’s ongoing efforts to simplify its business globally and focus on areas where it has a clear competitive advantage and opportunities for growth, the bank said.
«Singapore is a priority market for the Group and HSBC continues to accelerate growth in wealth and wholesale banking. HSBC will continue to offer market-leading insurance products to its customers in Singapore,» it added.
