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.
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