HSBC Holdings Plc is exploring options for its insurance unit in Singapore, including a sale, people familiar with the matter said, following other business revamps globally under Chief Executive Officer Georges Elhedery.

The bank and a financial adviser are working on a review of HSBC Life (Singapore) Pte, which could be valued at more than $1 billion in a transaction, the people said, asking not to be identified because the information is private. Other insurers and investment firms have shown early interest, they said.

Considerations are preliminary and no final decision has been made, the people said.

A representative for HSBC declined to comment on a query from Bloomberg News. He said the bank is committed to Singapore as an international wealth and wholesale hub, and that it is crucial to strategy and a key focus for investment and growth.

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HSBC’s Singapore insurance business includes life and critical illness, savings, personal accident and health. The bank has expanded its insurance presence in Singapore organically and via acquisitions, including the purchase of AXA Insurance Pte for $529 million in 2022.

There have been several insurance deals in Southeast Asia in recent years, including Chubb Ltd’s acquisition of Liberty Mutual Holding Co’s businesses in Thailand and Vietnam. Sumitomo Life Insurance Co purchased Singapore Life Holdings Pte in 2024, and others including FWD Group Holdings Ltd have been active in the region.

In late 2024, Allianz SE withdrew an offer to buy a majority stake in Singapore’s Income Insurance Ltd — a blow to its ambitions in a key growth market.

A sale would follow other HSBC disposals in Europe and North America. Last year, the bank agreed to sell its UK life insurance business to Chesnara Plc and its custody business and private banking operations in Germany. It also sold its French life insurance unit.

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Elhedery has undertaken the biggest overhaul of HSBC in at least a decade, reorganizing it into four divisions and exiting some businesses. Last week, minority shareholders of Hang Seng Bank Ltd voted in favor of HSBC’s $14 billion buyout.