By Selena Li
HONG KONG (Reuters) – HSBC Holdings said on Monday its insurance brokerage unit in China had secured a license to sell a range of investment fund products in the country, helping towards its long-term drive to expand there.
The banking group reiterated its commitment to growth in China in its recent earnings report and aims to further penetrate its 28.8 trillion yuan ($4 trillion) 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.
($1 = 7.2660 Chinese yuan)
(Reporting by Selena Li; Editing by David Holmes)
