Soon after the exit of ING and New York Life, another international financial services giant is planning to sell its insurance business in India amid stagnating growth in the domestic industry, said a media report.
HSBC, which runs a three-cornered Joint Venture with two public sector banks in India, had also decided to exit the insurance business globally some time ago.
Media reports said that British banking giant's advisors have approached the insurance companies like HDFC Life, ICICI Prudential, Birla Sun Life, and the matter is under consideration.
On the other hand, Oriental Bank of Commerce and Canara Bank, HSBC's partners in the JV, have not yet decided whether to sell or not, and may take a call depending upon the price offered.
The foreign companies have been exiting insurance business in India amid subdued growth in new business as well as slowdown in their respective home countries.
