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Allianz, Sun Life Financial Reportedly In Tussle for HSBC HOLDINGS' Singapore Insurance Biz
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HSBC HOLDINGS (00005.HK) announced a strategic review of its Singapore insurance business, with Allianz, Sun Life Financial, Dai-ichi Life Holdings,Inc. (8750.JP), and Nippon Life Insurance weighing bid for the business, Bloomberg reported, citing people familiar with the matter. The sale process reportedly began this month, and parties are still evaluating, with non-binding offers potentially emerging in the coming weeks. A Sun Life Financial spokesperson responded to the report by stating that the company is identifying opportunities that can enhance scale and capabilities, advancing its goals and strategies. An HSBC representative stated that the strategic review of the Singapore insurance business is underway, with no decisions made yet, and declined further comment. AASTOCKS Financial News Website: www.aastocks.com |
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