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HSBC Holdings PLC has revealed plans to review its insurance business in Singapore in the latest move by Chief Executive Officer Georges Elhedery to overhaul the London-based bank. The group said the review would only cover HSBC Life Singapore, adding it will consider all options for the division including a sale, which could be worth over $1 billion one billion, according to reports. HSBC said despite the unit sale, Singapore remained a ‘priority market’ for the bank. ‘HSBC will continue to offer market-leading insurance products to its customers in Singapore,’ it said. ‘The review is part of the group’s ongoing simplification globally. 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.’ Singapore was the firm’s fifth largest earnings contributor in 2024, with $1.4 billion in pre-tax profit. It marks the latest step in a plan being led by Elhedery to streamline the firm and cut costs since he took on the top job in 2024. He has already reorganised HSBC into four new divisions and pulled out of some businesses, while moving to take its troubled Hang Seng bank in Hong Kong private. After gaining shareholder approval earlier this month, the group expects Hang Seng shares to be delisted from the Hong Kong Stock Exchange on January 27 should it get the green light from Hong Kong’s high court. HSBC already owns around 63% of Hang Seng and plans to buy out the remaining stake. Hang Seng, which was founded in 1933, is one of the largest domestic banks in Hong Kong. HSBC shares fell 0.7% to 1,228.40 pence each on Friday morning in London. By Holly Williams, Press Association Business Editor Press Association: Finance source: PA Copyright 2026 Alliance News Ltd. All Rights Reserved.
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