News Snapshot:
FWD Group, the Asian insurer backed by Hong Kong billionaire Richard Li, has picked banks for its planned Hong Kong initial public offering that could raise as much as $3bn, reported Bloomberg quoting people familiar with the matter. At $3bn, FWD’s IPO would be Asia’s biggest by an insurance company since Japan Post Holdings Co’s $5.7bn offering in 2015, according to data compiled by Bloomberg. FWD has selected Goldman Sachs Group, JPMorgan Chase and Morgan Stanley to work on the potential share sale, said the people, who asked not to be identified as the information is private. HSBC Holdings is...
