Chesnara (LON:CSN), a London-listed life insurance and pensions company, is exploring a possible purchase of HSBC Holdings PLC’s (LON:HSBA) UK life insurance division, according to a report by Bloomberg on Monday. The report cites sources familiar with the matter.
Chesnara is one of several companies interested in buying the HSBC unit. The deal could be worth several hundred million dollars. However, talks are still ongoing and there is no guarantee that a deal will happen.
This potential sale is part of HSBC’s wider strategy to refocus on its core markets in Asia. In recent years, the bank has been selling off assets in Europe and North America.
Chesnara manages around 1 million insurance policies and holds approximately £14 billion ($18.7 billion) in assets. Its shares have risen by about 6% this year, bringing its market value to around £425 million, the report noted.
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