TOKYO – Allianz has emerged as the frontrunner to acquire HSBC Holdings’ Singapore insurance unit, according to people familiar with the matter.
The German insurer is the likeliest buyer for HSBC Life Singapore after outbidding other industry players, the people said.
Allianz and HSBC are finalising details of a transaction that could be announced soon, the people said. HSBC was seeking a valuation of as much as US$2 billion (S$2.6 billion) for the business, people familiar with the matter have said.
Talks are ongoing and no final decisions have been made, the people said, adding that other bidders remain interested in the assets.
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