Ping An Bank Hong Kong branch granted insurance agency license

The bank will target its insurance offerings to high-net-worth individuals.

Ping An Bank Hong Kong Branch has been granted an insurance agency license by the Insurance Authority of Hong Kong.

Hu Haibo, Vice President of Ping An Bank said that they have developed an extensive private wealth management product line to provide customers with diversified high-quality insurance products. 

“We strive to become a leading overseas private wealth management platform by catering to the wealth management needs of high-net-worth customers through our one-stop services,” Haibo said.

Since Ping An Bank Hong Kong Branch was launched in November 2021, it has provided high-quality financial services, including bank deposit, transfer, remittance and currency exchange, with a focus on improving customer experience. The branch will also offer hypothecated loans in the future to address customers' liquidity needs.

As for investment products, the branch officially introduced fund distribution services in December 2022. The first batch of funds covers equities, bonds and hybrid financial products launched by Barings, Amundi, Morgan Stanley and other renowned asset management firms. The branch will also introduce currency funds and private equity funds to cater to the increasing appetite of high-net-worth customers for diversified fund products.

In terms of its insurance distribution business, the branch will continue to introduce more types of insurance products, including premium financing services and policy loans, to satisfy customers' insurance and financial needs.

The Ping An Bank Hong Kong Branch is part of the Ping An Insurance (Group) Company of China, Ltd, one of the biggest financial services groups in Asia.