HSBC to buy out China life insurance partner

The transaction will be structured as a transfer of equity interest.

HSBC’s insurance arm has agreed to buy out its China life insurance venture partner, reports Reuters.

This will allow the bank to fully own the firm in accordance with the country’s new rules on foreign ownership, as well as expand its footprint in China.

The transaction will be structured as a transfer of equity interest and is subject to regulatory approvals.

China is the world’s third largest insurance market worth about $318b in premiums.

Here’s more from Reuters.