HSBC to conduct ‘strategic review’ of HSBC Life

[SINGAPORE] HSBC said on Friday (Jan 16) that it would conduct a strategic review HSBC Life, its insurance manufacturing business in Singapore.

The review will only cover HSBC Life Singapore, and will consider all options for the insurance manufacturing business. No decision has been made yet, said the bank.

Its announcement comes shortly after media outlet Bloomberg reported that the Hong Kong-based bank was exploring options for its insurance unit in Singapore, including a sale which could be valued at more than US$1 billion.

The bank said on Friday that the review is part of the group’s “ongoing simplification” globally.

The bank has been undergoing a revamp of its global business under chief executive officer Georges Elhedery. This includes the sale of its UK life insurance business and French life insurance unit last year.

“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,” said the bank in a press release.

“Singapore is a priority market for the group and HSBC continues to accelerate growth in wealth and wholesale banking,” it said. The bank added that it would make further announcements when there is additional information.