(Bloomberg) -- HSBC Holdings Plc is considering a potential sale of its French life insurance business, about a year after handing over its local retail banking network to Cerberus Capital Management, people with knowledge of the matter said. 

The UK lender is in the early stages of preparing to gauge interest in the business, which could draw interest from French and international insurers, the people said. A deal could value the unit at more than €500 million ($536 million), according to the people, who asked not to be identified because the information is private. 

Deliberations are ongoing and there’s no certainty they will lead to a transaction, they said. A representative for HSBC declined to comment.

As part of its efforts to simplify its operations and focus more on Asia, HSBC sold its French retail business to Cerberus’ My Money Group in a deal originally announced in 2021 but completed only last year after tweaking certain terms of the deal. The bank is also reviewing strategic options for some of its businesses in Germany, including its wealth management, custody and fund administration units, Bloomberg News has reported previously. 

--With assistance from Alexandre Rajbhandari.

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