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Report: HSBC eyeing Aviva's Asian assets

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Report: HSBC eyeing Aviva's Asian assets

HSBC Holdings PLC is looking at making a bid for the Asian operations that Aviva PLC might off-load, Bloomberg News reported.

Acquiring Aviva's Asian assets would help HSBC diversify its business as the deal would expand the bank's insurance presence in Singapore and other parts of Southeast Asia, people with knowledge of the matter told the news outlet. Other suitors are also eyeing the assets, but there is no certainty that deliberations would lead to an offer.

Aviva's life insurance unit in Singapore logged £1.3 billion in new business and £141 million in adjusted operating profit in 2018, Bloomberg noted, citing the company's latest annual report.

The news comes a few days after Aviva confirmed that it is evaluating strategic options for its Asian businesses as CEO Maurice Tulloch reviews the U.K. insurer's strategy. In March, Tulloch vowed to simplify the "far too complex" company.