HSBC aims to sell its 18 pct stake in Baoviet, Vietnam for about $400m. The question is, could HSBC Life Singapore be the next one on the block as HSBC looks to raise capital and focus on their core operations?
* HSBC is in talks with Sumitomo Life on stake sale
* Government-controlled Baoviet is nation's biggest insurer
July 18 (Reuters) - HSBC Holdings has put its Vietnam insurance business on the block, sources said, in a deal that could fetch about $400 million for Europe's biggest bank as it pushes to exit non-core operations globally.
HSBC is seeking buyers for its 18 percent stake in government-controlled Baoviet Holdings, the country's top insurer, and is in talks with Japan's Sumitomo Life for a potential deal, the sources, who had direct knowledge of the matter, told Reuters.
The stake has a market value of $250 million, but HSBC is expecting a hefty premium due to Baoviet's market position and the potential to raise the ownership level at a later stage, one of the sources added.
http://in.reuters.com/article/2012/07/18/hsbc-vietnam-insurance-idINL4E8II15720120718
