HSBC Is Said to Explore Selling Singapore Insurance Business

HSBC Holdings Plc is exploring options for its insurance unit in Singapore, including a sale, people familiar with the matter said, following other business revamps globally under Chief Executive Officer Georges Elhedery.

The bank and a financial adviser are working on a review of HSBC Life (Singapore) Pte, which could be valued at more than $1 billion in a transaction, the people said, asking not to be identified because the information is private. Other insurers and investment firms have shown early interest, they said.