HSBC Insurance (Asia) Limited, an indirect wholly-owned subsidiary of HSBC Holdings plc (HSBC), has received approval from the Shanghai office of the China Banking and Insurance Regulatory Commission to acquire the remaining 50% equity interest in HSBC Life Insurance Company Limited (HSBC Life China), which would allow HSBC to take its shareholding to 100% upon completion.
David Liao, Co-CEO, Asia-Pacific at HSBC, commented: “Growing our insurance business is key to delivering on our strategic priority of being a leading wealth manager in Asia. Full ownership of HSBC Life China brings us closer to this goal, and shows our commitment to expanding our broader wealth offering in mainland China.”
Headquartered in Shanghai, HSBC Life China is present in ten key mainland cities covering Shanghai, Beijing, Tianjin, Hangzhou, Guangzhou, Foshan, Dongguan, Zhuhai, Shenzhen and Zhongshan. Established in 2009, the business now offers a comprehensive range of insurance solutions covering annuity, whole life, critical illness and unit-linked insurance products.
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