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
-
8 of the best houses for sale with annexesThe best houses with annexes – from a period property in the Lake District to a 13th-century house with a two-bedroom annexe in Saltwood, Kent
-
Zelenskyy moves to appease Donald Trump – what happens now?Ukraine’s president Volodymyr Zelenskyy is conceding ground to secure the least-worst deal possible, says Emily Hohler
