The UK newspaper The Times has reported in Tuesday’s edition without citing sources, that HSBC has put its general insurance business up for sale for USD 1 billion. This is in tune with the Chief Executive’s plan to offload the bank’s unessential assets.
HSBC’s nonlife insurance division includes policies written for individuals and corporations worldwide, including cover in property, aviation and motor insurance, The Times said. HSBC sells nonlife insurance in Britain, France, Hong Kong and Singapore.
Europe’s biggest bank is understood to have sent out offer circulars to potential buyers, which could include private equity, The Times said.
A deadline for initial bids has been set for mid-October, The Times said. HSBC declined to comment on what it described as “market rumor and speculation,” although a source close to the bank said it was exploring options for its insurance arm.
