HSBC said on Friday (Jan 16) it was undertaking a strategic review of its insurance business in Singapore, as it moves to simplify its operations globally.
The review of HSBC Life (Singapore), which offers a wide range of life, health, personal accident and savings insurance, would consider all options for the unit and no decisions had been made, it said.
HSBC expanded its insurance presence in Singapore in 2022, acquiring AXA Singapore for US$529 million.
“Singapore is a priority market for the Group and HSBC continues to accelerate growth in wealth and wholesale banking,” HSBC said in a statement.
The review forms part of the bank’s wider simplification program ordered by Chief Executive Georges Elhedery after he took the bank’s top job in September 2024.
“HSBC is focused on increasing leadership and market share in the areas where it has a clear competitive advantage and where it has the greatest opportunities to grow and support its clients,” it said.
The UK-headquartered lender has been reducing its global footprint in an attempt to boost profits and expand its wealth product offerings in Asia and Middle East markets.
The bank said early in 2025 it would wind down M&A and some equities businesses in the Americas and Europe. It also sold its UK life insurance business.
It has since said it is reviewing a number of its retail banking operations in Asia, including in Australia and Indonesia, and announced in September that it would sell its Sri Lankan retail banking business to local rival Nations Trust Bank. The transaction is due to close this year.
Source: CNA
