HSBC kicks off Singapore insurance business sale, eyes over $1 billion value, sources say
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HSBC has initiated the sale of its Singapore life insurance product manufacturing business, aiming for a valuation exceeding $1 billion. The bank has engaged JPMorgan as its adviser and is in discussions with potential buyers, including Japanese insurers Nippon Life and Dai-ichi Life. Non-binding bids are anticipated within a month. HSBC, JPMorgan, and Dai-ichi Life have not commented on the sale process.
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