HSBC to review Singapore insurance business

(Sharecast News) - HSBC announced plans on Friday for a strategic review of its insurance manufacturing business in Singapore. The review will only cover HSBC Life Singapore and will consider all options for the insurance manufacturing business, with no decision made, the bank said.

"Singapore is a priority market for the group and HSBC continues to accelerate growth in wealth and wholesale banking," it said in a statement. "HSBC will continue to offer market-leading insurance products to its customers in Singapore."

The bank said the review is part of its 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," it said.

Further announcements will be made if or when there is additional information.