HSBC in insurance sell-off
HSBC is to sell its general insurance business as part of the bank’s plan to strip away non-core units.
HSBC sent out an information memorandum to potential buyers, with first round bids due by mid-October, a source told City AM.
Its non-life insurance businesses earned profit before tax of about $1bn (£633m) in 2010, according to a presentation in June.
“We do not comment on market rumours or speculation,” a Hong Kong-based HSBC spokeswoman said.
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