ID :
211462
Thu, 10/06/2011 - 06:25
Auther :
Shortlink :
http://m.oananews.org//node/211462
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3 Japan Groups to Bid for HSBC's Nonlife Insurance Biz
Tokyo (Jiji Press) - Three Japanese nonlife insurance groups are considering bidding for British financial giant HSBC Holdings PLC's nonlife insurance business, it was learned Wednesday.
HSBC, which is planning to sell its nonlife insurance operations, is set to hold a first round of tender next week, informed sources told Jiji Press.
The three Japanese groups willing to participate in the tender are MS&AD Insurance Group Holdings Inc. <8725>, Tokio Marine Holdings Inc. <8766> and NKSJ Holdings Inc. <8630>, according to the sources.
The Japanese groups have respectively named domestic or foreign securities companies as advisers to assess the effects of the possible acquisition of HSBC's nonlife insurance operations, the sources said.
Major Japanese nonlife insurance companies are aiming to accelerate their advances into other Asian markets on the back of the yen's recent sharp appreciation.
Amid Europe's escalating sovereign crisis, HSBC and other financial institutions in the region are moving to strengthen their financial bases.
HSBC is specifically planning to sell its medical, automobile and marine insurance operations in such regions as Europe, Asia and Latin America, according to the sources.
The British firm is now taking necessary procedures for the sale while receiving advice from an auditing company which is serving as financial adviser for the firm, the sources said.
If all of the company's nonlife insurance operations are sold in a single package, the deal would be worth about one billion dollars, the sources said.
The first-round tender is likely to be joined by a total of up to around 20 bidders including European firms such, as German insurance giant Allianz SE, and Chinese financial institutions, as well as Japan's MS&AD, Tokio Marine and NKSJ, according to the sources.
HSBC plans to narrow down the candidates to several companies in the first-round process and then carry out a second round of tender to choose a buyer by the end of this year, the sources said.
HSBC, which is planning to sell its nonlife insurance operations, is set to hold a first round of tender next week, informed sources told Jiji Press.
The three Japanese groups willing to participate in the tender are MS&AD Insurance Group Holdings Inc. <8725>, Tokio Marine Holdings Inc. <8766> and NKSJ Holdings Inc. <8630>, according to the sources.
The Japanese groups have respectively named domestic or foreign securities companies as advisers to assess the effects of the possible acquisition of HSBC's nonlife insurance operations, the sources said.
Major Japanese nonlife insurance companies are aiming to accelerate their advances into other Asian markets on the back of the yen's recent sharp appreciation.
Amid Europe's escalating sovereign crisis, HSBC and other financial institutions in the region are moving to strengthen their financial bases.
HSBC is specifically planning to sell its medical, automobile and marine insurance operations in such regions as Europe, Asia and Latin America, according to the sources.
The British firm is now taking necessary procedures for the sale while receiving advice from an auditing company which is serving as financial adviser for the firm, the sources said.
If all of the company's nonlife insurance operations are sold in a single package, the deal would be worth about one billion dollars, the sources said.
The first-round tender is likely to be joined by a total of up to around 20 bidders including European firms such, as German insurance giant Allianz SE, and Chinese financial institutions, as well as Japan's MS&AD, Tokio Marine and NKSJ, according to the sources.
HSBC plans to narrow down the candidates to several companies in the first-round process and then carry out a second round of tender to choose a buyer by the end of this year, the sources said.
