HSBC: to buy remaining stake in China joint venture

(CercleFinance.com) - HSBC said on Monday that it will buy the remaining 50% share of its Chinese life insurance joint venture from local partner NT.


The deal is in line with the removal of foreign ownership restrictions on foreign-funded life insurance companies in China, which became effective at the start of the year, the British banking giant said.

HSBC Life China was formed in 2009 as a 50:50 joint venture with NT.

Headquartered in Shanghai, the venture is now present in nine key Mainland cities, including Beijing, Guangzhou, and Shenzhen, offering insurance products such as life, and critical care.

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