Allianz Seen Leading Bid for HSBC's Singapore Insurance Unit, Bloomberg Reports

Allianz SE is leading the bidding for HSBC's Singapore insurance business and is likely to secure the asset as the parties finalize deal details, according to Ming Pao, citing people familiar with the matter. The sources said HSBC is seeking to sell the Singapore business at a valuation of about $2 billion, and an announcement could come in the near term.