Allianz SE and Sun Life Financial ​are considering ⁠bids for HSBC's Singapore insurance ‌unit after the bank launched ​a strategic review of the business, Bloomberg ​News reported ​on Thursday, citing people familiar with the matter.

Reuters could ⁠not immediately verify the report.

Allianz, Sun Life, and HSBC did not immediately respond ​to ‌requests for comment.

Sources ⁠told Reuters ⁠in February that HSBC had begun ​engaging potential buyers, ‌such as Dai-ichi ⁠Life and Nippon Life, for its Singapore insurance business, which is hoping the deal will be valued at more than $1 billion.

HSBC's plan to divest its Singapore life insurance ‌manufacturing business comes as the London-based ⁠bank seeks to ​simplify its operations and exit businesses that are not viewed ​as ‌adding value. (Reporting by Rajveer Singh ⁠Pardesi in ​Bengaluru; Editing by Rashmi Aich)