The transaction to buy the stake in HSBC Life Insurance Co Ltd (HSBC Life China) from joint venture partner the National Trust Ltd will be structured as a transfer of equity interest and is subject to regulatory approvals
HONG KONG: HSBC Holdings PLC said its insurance unit had agreed to acquire its China life insurance venture partner’s 50% stake to own fully the company under the new rules on foreign ownership that came into effect in January.
The move will allow London-headquartered HSBC, which gets the bulk of its revenue from Asia, to further expand its footprint in the world’s second-largest economy, where it has deployed billions of dollars as part its Asia “pivot” strategy.
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