HSBC has received regulatory approval from the Shanghai office of the China Banking and Insurance Regulatory Commission to take full ownership of its life insurance joint venture in the country.
The agreement allows it to buy the remaining 50% in its venture HSBC Life China, HSBC said in a statement.
The life insurance venture, launched in 2009, is headquartered in Shanghai and has a presence in ten cities across China, the bank said.
Based in Shanghai, HSBC Life China is present in 10 mainland cities covering Shanghai, Beijing, Tianjin, Hangzhou, Guangzhou, Foshan, Dongguan, Zhuhai, Shenzhen and Zhongshan.
The business now offers a range of insurance solutions covering annuity, whole life, critical illness and unit-linked insurance products.
David Liao, co-CEO, Asia-Pacific at HSBC, said: "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."
Greg Hingston, CEO designate, HSBC Global Insurance and Partnerships, added: "With full ownership, we will have greater flexibility in accelerating our growth plans. 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."
