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As it continues to expand its non-core banking services, HSBC announced on Thursday that it had received regulatory approval in China to take full ownership of its life insurance joint venture in the country.
HSBC has received approval from the China Banking and Insurance Regulatory Commission’s Shanghai office to purchase the remaining 50% of its joint venture HSBC Life China, the bank announced. HSBC first agreed to the deal in May 2020 in order to fully own the company in order to comply with China’s foreign ownership rules for insurance companies. According to the bank, the life insurance venture, which was founded in 2009, is headquartered in Shanghai and has a presence in ten cities throughout China.
HSBC is investing $3.5 billion in its wealth and personal banking businesses under CEO Noel Quinn in a bid to become Asia’s top wealth manager by 2025.