Allianz SE is leading the race to buy HSBC’s Singapore insurance business as the bank weighs a potential sale of the unit, Bloomberg reported, citing people familiar with the matter.
Allianz is now ahead of the remaining suitors for HSBC Life Singapore Pte.
HSBC has been reviewing the unit as part of a wider push to simplify its business. The bank is said to have sought a valuation of up to US$2 billion.
No agreement has been reached, and the sale process could still change. Other bidders remain interested.
HSBC said the unit remains under strategic review and that no decision has been made.
The bank added that Singapore remains important to its wealth and wholesale banking strategy.
Allianz declined to comment.
HSBC bought AXA Singapore for US$529 million in 2022 under former CEO Noel Quinn.
Under current CEO Georges Elhedery, HSBC has been cutting jobs, reducing management layers and reassessing parts of the group.
Allianz was among the final bidders for the business, alongside Sumitomo Life Insurance and Dai-ichi Life Group. Sun Life Financial and Nippon Life Insurance had also previously been linked to the process.
A deal would give Allianz another route to expand in Singapore after its earlier attempt to buy a majority stake in Income Insurance was withdrawn in 2024.
That proposed transaction was valued at about S$2.2 billion.
Featured image: Edited by Fintech News Singapore, based on image by HSBC
