HSBC to acquire the remaining 50% stake in its life insurance joint venture in China.

HSBC agreed to acquire the remaining 50% stake in HSBC Life Insurance Company, its life insurance joint venture in China, from The National Trust. Financial terms were not disclosed. "Despite the current difficult environment engendered by the Covid-19 pandemic, we continue to take steps to implement our growth strategy. This transaction supports our ambition to accelerate growth within our Asian franchise, particularly in the dynamic and fast-growing Greater Bay Area, where we fully intend to expand in all lines of businesses. It also allows us to further extend our capabilities in wealth, another area of strategic focus for the Group," Noel Quinn, HSBC CEO.