The Financial Supervisory Commission has awarded HSBC Insurance with a license to establish a branch of HSBC Life (International) Limited in Taiwan. This is ahead of the original schedule, which will see HSBC Insurance policies begin being offered as part of the bank's wealth management proposition in September 2007.
With the establishment of a life insurance arm, HSBC expects to offer insurance and investments as part of an integrated wealth management proposition for customers in Taiwan.
HSBC Insurance, which is already one of the top 20 insurance businesses in the world, will draw on its international experience and expertise to offer a broad range of life insurance solutions in Taiwan. This will give customers the convenience of arranging all their banking, investment and insurance needs in one place, providing a comprehensive view of their full financial portfolio.
John Holden, managing director of HSBC Insurance in Taiwan, said: As Taiwan becomes more prosperous and as people live longer, the need to provide financial certainty for the future – for ourselves and our families – becomes more and more important, in an ever-changing world. We are delighted to be able to enter the Taiwan life insurance market, to offer family protection and long-term saving and retirement solutions.