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.
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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.
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