(Bloomberg) -- BNP Paribas SA, BPCE SA and Matmut are among firms considering bids for HSBC Holdings Plc’s French life insurance business, according to people familiar with the matter.
Non-binding bids for the business are expected by the end of October, the people said, asking not to be identified because the deliberations are private. The insurance assets could also attract other French financial services groups including Credit Mutuel Arkea SA and Groupama, as well as investment firms with holdings in the sector such as Cerberus Capital Management, the people said.
HSBC has been considering selling its French life insurance business in a deal that could value the unit at more than €500 million ($542 million), Bloomberg News has reported.
As part of its efforts to simplify its operations and focus more on Asia, HSBC sold its French retail business to Cerberus’ My Money Group in a deal originally announced in 2021 but completed only last year after tweaking certain terms of the transaction. Last month, HSBC agreed to sell its South African corporate branch unit to FirstRand Ltd. and its private banking operations in Germany to BNP Paribas.
Considerations are ongoing and no final decisions have been made, the people said. Representatives for BPCE, BNP, Cerberus, Credit Mutuel Arkea, HSBC and Matmut declined to comment. A spokesperson for Groupama didn’t respond to requests for comment.
--With assistance from Harry Wilson and Francois de Beaupuy.
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