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HSBC gets approval to buy out China life insurance joint venture -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO : This is the HSBC logo as seen in London’s Canary Wharf district on March 3, 2016. REUTERS/Reinhard Krause

LONDON, (Reuters) – HSBC announced Thursday that it has received Chinese regulatory approval to fully own its joint venture for life insurance in China. The move comes as the bank expands its other non-core services.

According to the bank, HSBC received clearance from China’s Shanghai Office of the China Banking and Insurance Regulatory Commission for its purchase of half the stake in its venture HSBC China.

HSBC agreed to the first deal in May 2020 to take full ownership to meet China’s regulations on foreign ownership for insurance companies.

According to the bank, the life insurance company was launched in Shanghai in 2009. It has offices in Shanghai as well as ten locations across China.

Noel Quinn is HSBC’s CEO. HSBC has invested $3.5 billion in its wealth and personal bank business to try to be Asia’s best wealth manager by 2025.

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