On Friday (Jan 16), HSBC Holdings said it opened a strategic review of its Singapore insurance business as part of its global “ongoing simplification”, confirming a Bloomberg report saying the bank is exploring options including a sale of the insurance unit, which could be valued at more than US$1 billion (S$1.29 billion).
The bank said Singapore is a “priority market for the Group”, adding that it continues to accelerate growth in wealth and wholesale banking.
It also said it is focused on building leadership and market share in areas where it has a “clear competitive advantage” and the “greatest opportunities to grow and support its clients”.
According to Reuters, HSBC has been cutting back its global footprint in an aim to boost profits and expand its wealth product offerings in Asia and the Middle East.
Early in 2025, the bank said it would wind down mergers and acquisitions and some equities businesses in the Americas and Europe.
In July, it sold its UK life insurance business. In September, the bank also announced plans to sell its Sri Lankan retail banking business to lender Nations Trust Bank, with the deal expected to close this year. /TISG
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