The transaction to buy the stake in HSBC Life Insurance (HSBC Life China) from joint venture partner National Trust will be structured as a transfer of equity interest and is subject to regulatory approvals, according to reuters.com.
HSBC looks to own fully the company under the new rules on foreign ownership that came into effect in January 2019. Financial details of the transaction were not disclosed. China is the world’s third-largest insurance market after the US and Japan - worth about USD 318 billion in premiums, as related by reuters.com.
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