HSBC, Etiqa amongst bidders for AXA Singapore

The transaction could raise about $700m in a sale.

HSBC and Etiqa are amongst shortlisted bidders for AXA Singapore, which could raise about $700m (S$927m) in a sale, reports Bloomberg.

The two firms have proceeded into the next round with a few weeks to go before a deadline for submitting binding bids, sources said, with at least one Chinese firm amongst those invited to present offers.

AXA has been considering a sale of its Singapore unit as it looks to raise funds, divesting peripheral operations. CEO Thomas Buberl is trying to shift the insurer's focus on property and casualty insurance following its $15.3b (S$20.3b) purchase of XL Group in 2018.

Since then, the CEO has been reviewing options for smaller businesses across the world to help pay for the XL deal.

The Singapore unit, which offers life and property and casualty insurance, generated $745.7m (EUR615m; S$990.2m) of revenue for 2019, according to AXA's annual report.

Here’s more from Bloomberg.