HSBC has received regulatory approval to acquire full ownership of its mainland China insurance unit.
HSBC has been approved by the China Banking and Insurance Regulatory Commission’s Shanghai office to acquire the remaining 50 percent stake in HSBC Life Insurance Company Limited (HSBC Life China), according to a statement, which would take its ownership to 100 percent.
«With full ownership, we will have greater flexibility in accelerating our growth plans,» said Greg Hinston, incoming chief executive of HSBC global insurance and partnerships.
«In tandem with HSBC Pinnacle, our digital and mobile wealth planning and insurance platform, we will be able to significantly expand our capabilities to serve the growing wealth and insurance needs of our customers in China, particularly in the Greater Bay Area.»
HSBC Life China
Established in 2009, HSBC Life China offers a comprehensive range of insurance solutions covering annuity, whole life, critical illness and unit-linked insurance products.
Headquartered in Shanghai, it currently has a presence in nine other key mainland cities including Beijing, Tianjin, Hangzhou, Guangzhou, Foshan, Dongguan, Zhuhai, Shenzhen and Zhongshan.
Globally, HSBC’s insurance business contributed to around one-third of overall profits in the wealth and personal banking unit and 12 percent of group profits in the first half of 2021.
