HSBC in insurance sell-off

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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