HSBC Insurance (Asia) has been given the green light from the Shanghai office of the China Banking and Insurance Regulatory Commission (CBIRC) to acquire the remaining 50% equity interest in HSBC Life Insurance Company (HSBC Life China).
The deal will see HSBC take its shareholding of HSBC Life China to 100% upon completion.
The banking giant agreed to acquire the remaining 50% equity interest in its life insurance joint venture from The National Trust (NT).
HSBC Life China was formed in 2009 as a 50:50 joint venture between HSBC and NT.
David Liao, co-chief executive of 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.”
The financial terms of the deal were not disclosed.