Legal & General Group Plc, the U.K.’s largest manager of pension assets, is exploring a sale of its Netherlands business, people with knowledge of the matter said.

L&G is working with HSBC Holdings Plc to find a buyer for the Dutch unit, which could be valued at 200 million euros ($219 million) to 300 million euros, said two of the people, who asked not to be identified because the process is private. Potential suitors include local strategic companies and private-equity firms, the people said.

L&G earlier this year said that it was “de-cluttering” its business as it looks to save about 80 million pounds ($121 million) across the company. In July it entered into exclusive talks to sell its French unit to Apicil Prevoyance, in addition to selling a majority stake in an Egyptian life insurer to AXA SA and L&G International in Ireland to Canada Life Group.

No final decision has been made and the company could still decide against a sale, the people said.

Representatives for L&G and HSBC declined to comment.

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