HSBC, Maybank’s insurance venture among bidders for AXA SA's Singapore biz

HSBC Holdings Plc and Malayan Banking Bhd.’s insurance venture are among shortlisted bidders for Axa SA’s business in Singapore, which could raise about $700 million in a sale, according to people familiar with the matter.

The British bank and Etiqa, majority owned by a Maybank joint venture, have proceeded into the next round with a few weeks to go before a deadline for submitting binding bids, the people said. At least one Chinese firm also among those invited to lodge offers, said the people, who asked not to be identified because the matter is private.

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