Britain’s Chesnara is exploring a potential acquisition of HSBC Holdings’ life insurance business in the UK, Bloomberg News reported on Monday, citing people familiar with the matter. Chesnara, a life and pensions consolidator, is one of several suitors who have expressed interest in HSBC’s UK life insurance operations. A deal could value the unit at “several hundred million dollars,” the report said.
HSBC declined to comment, while Chesnara did not immediately respond to a Reuters request for comment. This potential acquisition is part of HSBC’s broader restructuring efforts. Earlier this year, the bank announced plans to wind down its M&A and some equities businesses in Europe and the Americas, accelerating a shift to Asia in its biggest retrenchment from investment banking in decades. HSBC has also been looking at ways to boost revenue after months of restructuring and job cuts.
Chesnara, which was formed in 2004 and has operations in the UK and Europe, reported assets under administration of 14 billion pounds ($18.68 billion) as of December 31, 2024. The company is well-positioned to expand its operations through strategic acquisitions like this potential deal.
