HSBC has launched the sale of its non-life insurance business, a global division worth about $1bn, and now part of the bank's plan to strip away non-core units, sources have told Reuters.
HSBC, Europe's biggest bank with a large presence across Asia, had sent out information memorandum to potential buyers, with first round bids due by mid-October, one source said.
HSBC operates non-life insurance businesses in Britain, France, Hong Kong and Singapore. The Hong Kong and Singapore operations alone bring about $400m in annual premiums, the source said.
"We do not comment on market rumours or speculation," a Hong Kong-based HSBC spokesperson said.
The sources declined to be identified as the sale process was not public.
City A.M. Reporter