HSBC Holdings PLC said on Monday its insurance unit had agreed to acquire its China life insurance venture partner's 50% stake to own fully the company under the new rules on foreign ownership that came into effect in January.
) said on Monday its insurance unit had agreed to acquire its China life insurance venture partner’s 50% stake to own fully the company under the new rules on foreign ownership that came into effect in January.
FILE PHOTO: A logo of HSBC is displayed at a tram station outside its headquarters building in Hong Kong, China February 21, 2017. REUTERS/Bobby Yip The move will allow London-headquartered HSBC, which gets the bulk of its revenue from Asia, to further expand its footprint in the world’s second-largest economy, where it has deployed billions of dollars as part its Asia “pivot” strategy.The transaction to buy the stake in HSBC Life Insurance Co Ltd from joint venture partner the National Trust Ltd will be structured as a transfer of equity interest and is subject to regulatory approvals, the lender said.
China is the world’s third-largest insurance market after the United States and Japan - worth about $318 billion in premiums according to a Swiss Re Institute report. A lack of majority control, with foreign ownership capped at 50% until last year, has long frustrated global insurers looking to expand market share in China, where individual wealth is rising and comparatively few people have life insurance cover.
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