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TOKYO – Allianz has emerged as the frontrunner to acquire HSBC Holdings\u2019 Singapore insurance unit<\/span><\/a>, according to people familiar with the matter.<\/p>\n The German insurer is the likeliest buyer for HSBC Life Singapore after outbidding other industry players, the people said.<\/p>\n 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.<\/p>\n Talks are ongoing and no final decisions have been made, the people said, adding that other bidders remain interested in the assets.<\/p>\n A representative for Allianz declined to comment.\u00a0<\/p>\n A spokesperson for HSBC said the Singapore insurance unit is under a strategic review and no decision has been taken. The bank is committed to Singapore as an international wealth and wholesale banking hub, and is also crucial to its strategy and a key focus for investment and growth, the spokesperson added, declining to comment further.<\/p>\n Allianz has been seeking to expand in Singapore, but in 2024 withdrew an offer to buy a majority stake in Income Insurance Ltd. for about $2.2 billion. Its unit Allianz Global Investors is in exclusive talks to buy the asset management division of UOB, people familiar with the matter have said.<\/p>\n HSBC had shortlisted Allianz, Sumitomo Life Insurance and Daiichi Life Group as bidders for the Singaporean insurance unit. Other insurers including Sun Life Financial and Nippon Life Insurance were said to be in the frame for the unit previously.<\/p>\n The lender had started a review of the business in January, also saying at the time that Singapore was a priority market.<\/p>\n HSBC completed a US$529 million acquisition of AXA Singapore four years ago, under previous chief executive Ooficer Noel Quinn. His successor, Georges Elhedery, has cut management layers, jobs and businesses. HSBC\u2019s share price has doubled in Hong Kong since Elhedery took over in September 2024. BLOOMBERG<\/p>\n<\/div>\n TOKYO – Allianz has emerged as the frontrunner to acquire HSBC Holdings\u2019 Singapore insurance unit, according to people familiar with the matter. The German insurer…<\/p>\n","protected":false},"author":1,"featured_media":60813,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[2611],"tags":[],"class_list":["post-60812","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buzz-headlines","wpcat-2611-id"],"_links":{"self":[{"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/posts\/60812","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=60812"}],"version-history":[{"count":0,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/posts\/60812\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/media\/60813"}],"wp:attachment":[{"href":"https:\/\/sgbuzz.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=60812"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=60812"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=60812"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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