HSBC is reportedly set to sell its general
insurance business in a deal valuing the unit at around
$1bn.
AXA is being linked with a bid for HSBC’s
general insurance business in Asia outside Hong Kong and its
Mexico-based insurance unit ; Sky News reported that
Australia-based QBE is bidding for HSBC’s Hang Seng insurance
operation in Hong Kong and HSBC’s insurance unit in
Argentina.
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HSBC has been ramping up its efforts to
focus on core markets and business units in the past
year.
It has exited retail banking altogether in
a number of markets including the Czech Republic and Poland and is
in the process of exiting the retail banking sector in
Japan.
In all, HSBC has agreed almost 20 business
unit disposals in the past 12 months.
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