London-based HSBC Holdings is reportedly in negotiations to acquire a 49% stake in the life insurance arm of South Korea's Hana Financial Group, reported Reuters, citing the Chosun Ilbo daily as its source.

According to the report, quoting anonymous industry sources, the bank has already conducted due diligence on unlisted Hana Life Insurance and is planning to begin negotiations regarding the price for the unit, which has a net asset value of $14 million.

If finalized, the deal would be the latest in HSBC’s spate of acquisitions in emerging markets, including stakes in Korea Exchange Bank and Vietnamese insurance firm Bao Viet, Reuters added.