HSBC Holdings insurance arm global CEO Greg Hingston is reportedly eyeing expansion in China, with Hong Kong deemed “massively important” for the bank.

Hingston intends to defend and grow in Hong Kong, reported Bloomberg.  

“The China opportunity is crucial, we expect our China business to be a much more significant contributor over the next five years,” he was quoted as saying.

China has been a key market for HSBC and recently it secured the clearance to assume complete ownership of its Chinese life insurance venture.  

Recently, HSBC recruited around 700 financial planners through its Chinese fintech venture, Pinnacle.

Hirings have been made across Beijing, Shanghai, Hangzhou, Shenzhen as well as Guangzhou, with plans to expand the headcount to 3,000 in the coming few years.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

At present, it distributes insurance offerings with plans on to apply for a licence to sell wealth offerings including mutual funds “in due course,” stated Hingston. 

Last year, the bank’s CFO Ewen Stevenson noted that the bank is weighing “bolt-on” takeovers worth nearly $500m each. 
Meanwhile, speaking during a Zoom call, HSBC Life and Insurance Partnerships head of strategy and business development Harpreet Bindra hinted at opportunities in Singapore, India and mainland China.

HSBC also informed shareholders of Canara HSBC Oriental Bank of Commerce Life Insurance, its joint venture, of its plans to raise holding to 49% from 26%.

The bank, which typically distributes insurance through its branches to retail clients, is now entering health care and plans to cross-sell employee and health covers through its commercial bank network. 

Last month, HSBC completed the $529m deal to purchase the entire issued share capital of AXA Insurance Pte Limited (AXA Singapore).

The bank executed the transaction through its indirect wholly-owned unit HSBC Insurance (Asia Pacific) Holdings.