HSBC currently ranks 10th in life insurance in Singapore and does not have a health insurance business. The Asia-focused bank, like its peers, is battling poor returns from lending in a low interest rate environment and is looking to boost customer fee income in areas such as insurance and asset management.
It said in February 2021 it would invest USD 3.5 billion in its wealth and personal banking business in Asia, which includes its insurance operations, part of an overall investment in the region of USD 6 billion.
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