HSBC is reportedly considering selling its insurance business in Singapore, which could be valued at over $1 billion.
Some other insurance and investment companies have shown interest in HSBC Life (Singapore), but the review is in its early stages, and no decision has been made, Bloomberg reported Wednesday (Jan. 14), citing unnamed sources.
Asked about the report by Bloomberg, an HSBC spokesperson declined to comment on the report and added that the bank continues to invest and grow in Singapore.
HSBC CEO Georges Elhedery launched an overhaul of the bank that includes reorganizing its divisions and exiting some businesses, according to the report.
The bank has agreed to sell its life insurance business in the United Kingdom and its custody business and private banking operations in Germany, has sold its life insurance unit in France, and has undertaken a buyout of Hang Seng Bank Ltd., per the report.
When announcing in July 2025 that it agreed to sell HSBC Life (UK) to U.K.-based life and pensions business Chesnara, HSBC said the U.K. remains one of its four core businesses and that the bank will continue to offer life insurance products in the country from third-party providers.
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“The transaction forms part of the simplification of the HSBC Group announced in October 2024,” the bank said in a press release. “HSBC is focused on increasing leadership and market share in the areas where it has a clear competitive advantage, and where it has the greatest opportunities to grow and support its clients.”
HSBC said Thursday (Jan. 8) that Hang Seng Bank shareholders approved its proposal to privatize Hang Seng Bank and that the plan will now be considered for approval by the Hong Kong High Court.
Upon completion of the proposal, Hang Seng Bank will become a wholly owned subsidiary of HSBC Group, according to a press release.
In another recent move, HSBC said Monday (Jan. 12) that it launched a United Arab Emirates (UAE) asset management business that will play a key role in its Middle East, North Africa and Turkey (MENAT) wealth franchise. The bank also registered 10 new onshore investment funds in the UAE.
