HSBC gets approval to take full ownership of China life insurance JV

HSBC announced that it has obtained regulatory approval in China to buy out its life insurance joint venture in the country. The lender said the clearance was granted by the Shanghai office of the China Banking and Insurance Regulatory Commission to purchase the remaining 50% in its venture, HSBC Life China. HSBC first agreed the deal in May last year to take 100% ownership of the company in compliance with China’s regulations on foreign ownership of insurance firms. Launched in 2009, the life insurance venture is based in Shanghai. The bank said the unit has offices in 10 cities across China. HSBC has been seeking to grow its non-core banking services and has even injected USD3.5bn into its wealth and personal banking unit to become the leading wealth manager in Asia by 2025.