Chesnara Considers Buying HSBC's UK Life Insurance Unit
(Reuters) -Britain's Chesnara is exploring a potential acquisition of HSBC Holdings' life insurance business in the UK, Bloomberg News reported on Monday, citing people familiar with the matter.
Chesnara, a life and pensions consolidator, is one of several suitors who have expressed interest in HSBC's UK life insurance operations, and a deal could value the unit at "several hundred million dollars," the report said.
HSBC declined to comment, while Chesnara did not immediately respond to a Reuters request for comment.
HSBC earlier this year had said it planned to wind down its M&A and some equities businesses in Europe and the Americas, accelerating a shift to Asia in its biggest retrenchment from investment banking in decades.
The bank has also been looking at ways to boost revenue after months of restructuring and job cuts. Reuters reported last month that HSBC is preparing a foray into the white-hot market for private credit.
Meanwhile, Chesnara, which was formed in 2004 and has operations in the UK and Europe, reported assets under administration of 14 billion pounds ($18.68 billion) as of December 31, 2024.
($1 = 0.7493 pounds)
(Reporting by Prerna Bedi, Pushkala Aripaka and Unnamalai L in Bengaluru; Editing by Shailesh Kuber)
