HSBC is reportedly considering selling its insurance business in Singapore, with an estimated valuation exceeding $1 billion US dollars.

According to sources familiar with the matter, as HSBC Holdings' Chief Executive Mark Tucker leads a global business restructuring, the company is exploring different options for its Singapore insurance business, including a potential sale. The sources mentioned that the bank and a financial advisor are evaluating HSBC Life Private Limited, which could be valued at over $1 billion in a transaction. They stated that other insurance companies and investment firms have already expressed preliminary interest. The sources noted that the consideration is still in the early stages and no final decision has been made. A spokesperson for HSBC declined to comment on market speculation, emphasizing that the bank is committed to positioning Singapore as an international wealth and wholesale finance hub, with Singapore being a strategic and crucial focus for the group's investments and growth.