HSBC agreed to buy out the other 50 percent of shares from its life insurance joint venture in mainland China in yet another milestone for foreign entry into finance on the mainland.
HSBC will become the sole owner of HSBC Life China after acquiring the shares from its Beijing-based partner National Trust for an undisclosed sum, subject to regulatory approvals including from the China Banking and Insurance Regulatory Commission.
The HSBC Life China JV was formed in 2009 and currently has presence in nine mainland cities including Beijing, Guangzhou, Shanghai and Shenzhen. As of December 31 last year, the insurer had 1.03 billion yuan ($146 million) in registered capital.
HSBC agreed to buy out the other 50 percent of shares from its life insurance joint venture in mainland China in yet another milestone for foreign entry into finance on the mainland.
