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FINWIRES

Market Chatter: HSBC Shortlists Bidders for Singapore Insurance Unit

-- HSBC Holdings (HKG:0005) shortlisted Allianz, Daiichi Life Group, and Sumitomo Life Insurance as potential buyers of its unit HSBC Life Singapore, Bloomberg News reported Wednesday, citing people familiar with the matter.

The Singapore insurance unit may be valued at up to $2 billion, with the shortlisted firms preparing binding bids in the coming weeks, the report said, citing the sources.

A spokesperson from HSBC toldthat the unit is "under a strategic review" with no decision having been taken.

Allianz declined to comment, while Daiichi and Sumitomo did not immediately respond to requests for statements.

(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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