Dec 31, 2021 05:59 AM

FINANCE

HSBC Cleared to Take Full Control of China Life Insurance Business

By Wu Yujian and Han Wei

The deal will make HSBC the third foreign company to run a wholly owned life insurance business in China

The deal will make HSBC the third foreign company to run a wholly owned life insurance business in China

HSBC won regulatory approval to take full control of its life insurance joint venture in China as the global banking giant increases its bet on business in the world’s most populous market.

The Shanghai office of the China Banking and Insurance Regulatory Commission cleared HSBC’s purchase of the 50% stake in HSBC Life China held by its Chinese partner National Trust Ltd., HSBC said Thursday.

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