The bank is in "early stages" of an offer for at least a part of the business in Asia, the report said.

HSBC is pondering a bid for Asian operations being sold by UK-based Aviva as it plans to diversify its business in the region, Bloomberg reported, citing unnamed sources. 

UK/Hong Kong-listed HSBC is in the “early stages” of considering an offer for a part of Aviva’s Asian business, the newswire reported, quoting sources. A deal will strengthen HSBC’s insurance presence in Singapore and other parts of Southeast Asia. (Insurance is an important channel for wealth-protection products and services in the region.)

Aviva has confirmed that it is looking at options for its Asian business. Its new chief executive officer Maurice Tulloch is attempting to boost the fortunes of a group that has seen its shares fall in recent months. 

No final decisions have been made, and there is no certainty that the deliberations will result in a transaction, the report said, adding that representatives for HSBC and Aviva declined to comment.


Source: Hargreaves Lansdown