Singapore: HSBC, Etiqa among bidders for AXA Singapore
Source: Asia Insurance Review | Feb 2021
HSBC Holdings and Maybank-owned Etiqa are among the frontrunners to acquire AXA’s business in Singapore, according to a recent report by Bloomberg.
Nonetheless, negotiations are ongoing and bidders could still decide to withdraw from the process, said people close to the matter.
AXA has been considering the sale of its Singapore business since last year as the French insurer looks to divest from smaller operations, with CEO Thomas Burberl trying to shift AXA’s focus to the P&C segment following its $15bn purchase of XL Group in 2018.
According to AXA’s annual report, the Singapore Unit which offers both life and non-life insurance generated revenue of EUR615m ($745m). Market watchers believe the sale of its Singapore unit could raise approximately $700m. A