HSBC Holdings said its insurance brokerage unit in China had received a license to sell a range of investment fund products in the country, helping towards its long-term drive to expand there, according to Reuters.
HSBC is one of the world’s largest banking and financial services organisations. Group serve approximately 39 mn customers through our global businesses: Wealth and Personal Banking, Commercial Banking, and Global Banking & Markets.
The network covers 62 countries and territories in Europe, Asia, the Middle East and Africa, North America and Latin America.
The banking group reiterated its commitment to growth in China in its recent earnings report and aims to further penetrate its $4 trln fund market.
Under the latest approval from Chinese regulators, HSBC Insurance Brokerage, which the bank established in September 2022, has been allowed to distribute investment funds to individuals and corporate clients, in addition to providing other wealth services such as family protection and retirement planning.
The insurance brokerage unit, part of the banking group’s digital and mobile wealth planning and insurance platform HSBC Pinnacle, operates with seven branches in Beijing, Shanghai, Guangdong, Shenzhen, Jiangsu, Sichuan and Foshan.
HSBC was born from one simple idea – a local bank serving international needs. In March 1865, HSBC opened its doors for business in Hong Kong. Today we are one of the world’s largest banking and financial services organisations.