HSBC Receives Approval to Acquire 100% of HSBC Life China
31st December 2021 | Hong Kong
HSBC has received approval from China authority to acquire 100% of HSBC Life China. On 30th December 2021, HSBC Insurance (Asia) announced the 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%. 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.
“ HSBC Receives Approval to Acquire 100% of HSBC Life China “
HSBC Acquires 100% of HSBC Life China
David Liao, Co-CEO, Asia-Pacific at HSBC:
“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:
“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.”
HSBC in Mainland China
In addition to taking full ownership of HSBC Life China, HSBC continues to invest in its insurance business in mainland China, including in Pinnacle. Through Pinnacle, HSBC has already launched a new personal financial planning business in July 2020, to provide Chinese clients with a differentiated, needs-based financial planning proposition. Nearly 700 digitally-enabled wealth planners are already onboard in Beijing, Guangzhou, Shanghai, Hangzhou and Shenzhen, and HSBC aims to recruit up to 3,000 wealth planners in total by 2025.
In February 2020, HSBC combined its retail banking and wealth management, asset management, insurance and private banking businesses to create Wealth and Personal Banking (WPB) which serves over 39 million customers globally. HSBC’s ambition is to be Asia’s leading wealth manager by 2025, opening up a world of opportunities for Asian, international and HSBC-connected clients, wherever their wealth is created, invested and managed. Asia generates around half of HSBC’s US$1.6trn global wealth balances and nearly 65% of the Group’s wealth revenues. HSBC’s insurance business globally contributed to around a third of overall WPB profits and 12% of Group profits in H1 2021.
HSBC:
- HSBC Fined $85 Million for Failure in Anti-Money Laundering Processes
- HSBC Global Private Banking 2022 Investment Outlook: The Big Reset
- $481 Billion Apollo Capital Management Hires HSBC Private Bank Edward Moon as Head of Asia-Pacific Global Wealth
- European Commission Fines UBS, Barclays, RBS, HSBC & Credit Suisse $389 Million for FX Spot Trading Cartel
- HSBC Opens New Hong Kong Wealth & Para-Medical Centre for HNW Clients at K11 ATELIER Victoria Dockside
- HSBC Private Bank Launches eSignature for New Clients to Open Accounts Online in Asia
- HSBC Trustee with $200 Billion Assets Celebrates 75th Anniversary in Asia, Plants 7500 Tree Seedlings in Malaysia to Restore Rainforest
- HSBC Private Bank: 2021 Q4 Investment Outlook – Slower But Steady Wins the Race
- HSBC Private Bank Launches Secured Chat for Clients with Private Bankers on WhatsApp & WeChat
- HSBC Acquires AXA Insurance Singapore for $575 Million
- HSBC Private Bank Asia AUM Reaches $193 Billion, HSBC Asia AUM at $810 Billion
- HSBC Reports Profit of $8.4 Billion in 2021 1H, Global Wealth AUM at $1.7 Trillion and Asia at $810 Billion
- HSBC Hires UBS Stefan Lecher as Regional Head of Investments & Wealth Solutions APAC
- HSBC Private Bank Appoints Jackie Mau as Head of Global Private Banking for China, Target 5 Million HNWIs in China
- HSBC Private Bank Launches Online Trading Platform to 10 Markets, 20 Hours Support, $2 Million Per Trade and $10 Million Daily
- HSBC Private Bank Expands in Asia, Appoints Chris Harwood as New Market Head of ASEAN and Australia
- HSBC Appoints David Liao & Surendra Rosha as New APAC Co-CEOs, Peter Wong Retires
- HSBC & Nielsen Survey: 82% of China GBA Mainland Investors to Invest in Wealth Management Connect
- HSBC Wealth Business Grows in Asia to $800 Billion, Hires 1000 in 2021
- HSBC Private Bank Gives Family Office in Asia Access to Investment Bank and Private Deals
- HSBC, Citi and Standard Chartered to Add 6,600 Wealth & Private Banking Jobs in Asia
- HSBC Appoints Annabel Spring as Chief Executive of Global Private Banking
Sign Up / Register
Caproasia Users
- Manage $20 million to $3 billion of assets
- Invest $3 million to $300 million
- Advise institutions, billionaires, UHNWs & HNWs
Caproasia Platforms | 11,000 Investors & Advisors
- Caproasia.com
- Caproasia Access
- Caproasia Events
- The Financial Centre | Find Services
- Membership
- Family Office Circle
- Professional Investor Circle
- Investor Relations Network
Monthly Roundtable & Networking
Family Office Programs
The 2024 Investment Day
- March 2024 - Hong Kong
- March 2024 - Singapore
- July 2024 - Hong Kong
- July 2024 - Singapore
- Sept 2024 - Hong Kong
- Sept 2024 - Singapore
- Oct 2024 - Hong Kong
- Nov 2024 - Singapore
- Visit: The Investment Day | Register: Click here
Caproasia Summits
- The Institutional Investor Summit
- The Investment / Alternatives Summit
- The Private Wealth Summit
- The Family Office Summit
- The CEO & Entrepreneur Summit
- The Capital Markets Summit
- The ESG / Sustainable Investment Summit
