Investing.com-- Chesnara (LON: CSN ) is exploring a potential acquisition of HSBC Holdings (NYSE: HSBC ) PLC’s (LON: HSBA ) UK life insurance business, Bloomberg reported on Monday, citing people familiar with the matter.

The London-listed life and pensions consolidator is among several parties expressing interest in the HSBC unit, which could be valued at several hundred million dollars, according to the report.

Other suitors are also competing for the business, and discussions are ongoing with no certainty of a deal, Bloomberg reported.

HSBC’s potential divestment follows a series of asset sales across Europe and North America, as the bank sharpens its strategic focus on Asia.

Chesnara, which manages around 1 million policies and £14 billion ($18.7 billion) in assets, has seen its shares rise roughly 6% this year, giving it a market capitalisation of about £425 million, the report added.