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HSBC to sell insurance in mainland China
11 August 2005
HSBC is now selling insurance in mainland China through an agency service agreement with Ping An Insurance.
The bank’s Shanghai branch started providing the service on 1 August, with Beijing, Shenzhen and Guangzhou branches expected to follow suit in September.
HSBC announced its intention to increase its stake in Ping An Insurance – China’s second largest life insurer - in May 2005, taking its aggregate stake to 19.9 per cent.
Richard Yorke, CEO of HSBC in mainland China, said: "We are delighted to have launched our insurance agency service in mainland China. We are working with our strategic partner, Ping An Insurance, to bring selected insurance products to our expanding product range. Our staff are now be able to add life insurance products to the range of wealth management options available to meet our customers’ financial needs."
The insurance products – which include accident, illness and hospital insurance as well as life and mortgage protection insurance – are available to foreign nationals and residents of Hong Kong, Macau and Taiwan in accordance with mainland regulations.
Media enquiries to pressoffice@hsbc.com.
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