Awaiting approval from the China Insurance Regulatory Commission, UK-based banking and financial services organization HSBC Holdings plans to establish a life insurance company in the country, reported Bloomberg.

The report quoted Clive Bannister, group managing director of HSBC’s insurance unit, as saying: We have filed an application to establish a life insurance company.

HSBC is depending on its insurance business in Asia to help it return to profit growth and Mr Bannister said: Asia is literally on fire. In Vietnam for instance, 50% of the population is under 30. There is a generation of people who have no expectation there will be public provision in terms of old age.