HSBC Insurance and Hana Financial Group have formed a joint venture company, Hana HSBC Life Insurance, to enter into Korean insurance market.
To support plans to aggressively expand its business, the two shareholders intend to provide Hana HSBC Life Insurance with an additional KRW20 billion capital.
Hana HSBC Life Insurance is realigning its distribution network and will look at expanding its bancassurance arrangements as well as strengthening its agency and telemarketing channels. Hana HSBC Life Insurance has already signed bancassurance partnerships with Hana Bank, HSBC in Korea, Hana Daetoo Securities, Mirae Asset Securities and Prudential Securities, and will continue to look for additional bancassurance partners.
Clive Bannister, group managing director of insurance business at HSBC Holdings, said: Hana HSBC Life Insurance is a joint venture between business partners where each brings expertise and resources to the table to complement the other. Hana brings local market understanding, a well-known and respected brand and the third largest branch network in Korea through its bank.