HSBC (HSBC) has commenced the process to sell its Singapore life insurance product manufacturing business by hiring an advisor, and seeks the deal value of over $1 billion, Reuters reported Thursday, citing sources familiar with the matter.

The bank has hired JPMorgan (JPM) as its advisor and has started discussions with potential buyers including Nippon Life and Dai-ichi Life, according to the report. Non-binding bids could be expected in a month, one of the sources told the media outlet.

HSBC, JPMorgan did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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