HSBC is set to sell its non-life insurance operations, according to three persons close to the matter.
Bloomberg.com has reported that the informers said Europe's second-largest insurer Axa and Zurich-based insurer Ace are two of the final bidders in the running to acquire the complete non-life unit, which is estimated to be worth around $1bn.
Another insurance company, QBE Insurance, was also named as a firm considering making a bid.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
No one from the named companies was able to comment on the speculation.
HSBC is one of a number of European lenders selling off assets in order to better meet their liabilities and adhere to tighter global legislation on capital needs.
HSBC's share price rose 0.82% to 540.8p by 13:30.
NR
-
Inheritance tax reforms: government urged to rethink curbs on rural reliefsMPs want the government to delay changes to inheritance rax reliefs for farmers
-
‘I’m among the thousands of millionaires leaving the UK – the new tax rules don’t make sense ’MoneyWeek spoke to a serial entrepreneur who is leaving the UK following the abolition of the non-dom tax status
