HSBC says 'no decision' made in Singapore insurance review

HSBC said Singapore stays a priority market for wealth and wholesale growth.

HSBC Holdings plc has launched a strategic review of its insurance manufacturing business in Singapore, HSBC Life (Singapore) Pte Ltd.

The review will cover only HSBC Life Singapore and will consider all options for the business. “No decisions” have been made at this stage, the bank said in a news release today.

HSBC said Singapore remains a priority market and that it will continue to grow its wealth and wholesale banking businesses. 

The group added that it will continue to offer insurance products to its customers in Singapore.

The review forms part of HSBC’s broader global simplification programme, as the group focuses on areas where it has a clear competitive advantage and the strongest growth potential. 

Further announcements will be made if there are material developments.