Market Chatter: Dai-ichi Life Considering Bid for HSBC's Singapore Insurance Unit

MT Newswires Live03-12

Japan's Dai-ichi Life (TYO:8750) is considering bidding for HSBC's (HKG:0005) Singaporean insurance unit, Bloomberg reported Thursday.

A potential bid could compete with offers from Allianz, Sun Life Financial, and Nippon Life Insurance, which are also considering bidding for HSBC Life Singapore, the report said.

The bank began a review of the business in January and could begin the sale process later this month, Bloomberg reported. Non-binding bids could appear in the coming weeks, according to the report.

HSBC is seeking to value the business at more than $1 billion in a transaction, the report said, citing people familiar with the matter.

The report cautioned that deliberations were preliminary and no final decision had yet been made.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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