There is widespread interest in bidding for a Hong Kong-based wealth management business of AXA, a report says.

As many as two dozen bidders, mostly from mainland China, are looking to buy the Hong Kong-based wealth management business of French insurer AXA as the firm joins the ranks of non-Asian firms unloading wealth operations in the region.

A report by Reuters said scores of organisations were considering bids. It cited unnamed sources for the story.

AXA Wealth Management HK, which offers savings and investment-linked insurance products, is expected to be valued at about $500 million, the news report said.

Interest in AXA's unit has mainly come from some insurers, Chinese state-owned enterprises, private investment groups and property companies, the report said. Among the names cited were China Taiping Insurance Holdings and Country Garden Holdings Co.

If AXA presses ahead with a sale, it will join the likes of Barclays, ANZ, ABN AMRO and Societe Generale in spinning off Asia-based wealth operations. While Asia is a relatively fast-growing region, some non-domestic companies haven’t achieved sufficient scale and revenue to justify the costs, finding it easier to sell such business to local players.