HONG KONG - HSBC has started the sale process for ​its ⁠Singapore life insurance product manufacturing business with the ‌hiring of an adviser, and is hoping for ​the deal to be valued at more than $1 ​billion, said three ​sources with knowledge of the matter.

The bank, which makes the bulk ⁠of its revenues and profits in Asia, has hired JPMorgan as its adviser, said two of the sources, who declined to ​be ‌named as ⁠they were ⁠not authorised to speak to the media.

HSBC has started ​engaging with potential ‌buyers including Japanese insurers Nippon ⁠Life and Dai-ichi Life, and non-binding bids for the business could be expected in a month, said one of the sources.

HSBC, JPMorgan, and Dai-ichi Life declined to comment on the potential sale of the Singapore insurance manufacturing business. Nippon Life ‌did not immediately respond to a ⁠Reuters request for comment.

(Reporting by ​Kane Wu and Selena Li in Hong Kong, additional reporting by Jemima Denham ​of The ‌Insurer in London and Anton Bridge ⁠in Tokyo; Editing ​by Sumeet Chatterjee and Muralikumar Anantharaman)