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Market Chatter: Allianz Seen as Top Bidder for HSBC Life Singapore

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German insurer Allianz is the leading contender to acquire HSBC Holdings' (HKG:0005) Singapore insurance unit, Bloomberg News reported on Sunday, citing people familiar with the matter.

HSBC is seeking a valuation of as much as $2 billion for the business, the sources said, adding that Allianz and the bank are currently working through the details of a potential transaction.

According to the report, HSBC had shortlisted Allianz, Sumitomo Life Insurance and Dai-ichi Life Holdings (TYO:8750) as bidders for HSBC Life Singapore. Sun Life Financial (PSE:SLF) and Nippon Life Insurance had previously been identified as potential contenders, the newswire said.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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