HSBC Is Said to Shortlist Allianz, Sumitomo for Singapore Insurer

HSBC Holdings Plc has narrowed a bidding list for its Singapore insurance unit to Allianz SE, Daiichi Life Group Inc. and Sumitomo Life Insurance Co., according to people familiar with the matter.

The shortlisted firms are working with advisers to prepare binding bids for HSBC Life Singapore Pte in the coming weeks, the people said, asking not to be identified because the process is private. HSBC may seek a valuation of as much as $2 billion for the business, they said.