In an attempt to strengthen its presence in the Asian insurance market, HSBC has reportedly announced plans to set up an insurance business in Taiwan, Reuters has revealed.
According to a company spokesperson, reported in Reuters, the new business will involve any tie-ups and will sell insurance products through its branches on the island.
The publication added that the Taiwan venture represents the third in a series of expansion plans in the Asian markets for HSBC. Prior to the current venture, HSBC announced a joint venture in India and an acquisition in Vietnamese insurer Bao Viet.
In the Taiwanese market, HSBC will face competition from local players Cathay and Shin Kong, and foreign players such as ING, Aviva, Prudential and Metlife, revealed Reuters.