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HSBC Has revealed plans to review its insurance business Singapore Boss Georges Elhedery’s latest move is an overhaul British Banking giant.
The review only covers HSBC Life Singapore, the group said, adding that all options for the unit would be considered, including a sale, which could reportedly be worth more than $1bn (£740m).
HSBC said that despite the unit sales, Singapore remains a “priority market” for the bank.
“HSBC will continue to provide market-leading insurance products to customers in Singapore,” HSBC said.
“This review is part of the group’s ongoing simplification efforts globally.
“HSBC is committed to increasing its leadership and market share in areas where it has clear competitive advantages and where it has the greatest opportunity to grow and support its customers.”
Singapore was the company’s fifth-largest earnings contributor in 2024, with pre-tax profits of $1.4 billion (£1.04 billion).
It is the latest step in a plan to streamline the company and cut costs that Mr Elhedery has led since taking the top job in 2024.
He has restructured HSBC into four new divisions and exited some businesses while working to fix its troubled problems. Hang Seng Deposit Hongkong Private.
After receiving shareholder approval earlier this month, the group expects to delist Hang Seng shares from the Hong Kong stock exchange on January 27, if approved by the Hong Kong High Court.
HSBC already holds about 63% of Hang Seng Bank shares and plans to acquire the remaining shares.
Hang Seng Bank was established in 1933 and is one of the largest local banks in Hong Kong.