HSBC has started selling insurance in mainland China through an agency service agreement with Chinese insurer Ping An Insurance.
The bank’s Shanghai branch started selling Ping An insurance products on August 1, with Beijing, Shenzhen and Guangzhou branches expected to follow suit in September.
According to Bloomberg, HSBC’s Shanghai branch now employees 61 members of staff with the appropriate insurance agency qualifications required by the China Insurance Regulatory Commission to sell the Ping An products.
The insurance portfolio to be offered includes accident, illness and hospital insurance as well as life and mortgage protection insurance and is available to foreign nationals and residents of Hong Kong, Macau and Taiwan in accordance with mainland regulations.
Richard Yorke, CEO of HSBC in mainland China, said: We are delighted to have launched our insurance agency service in mainland China. We are working with our strategic partner, Ping An Insurance, to bring selected insurance products to our expanding product range. Our staff are now be able to add life insurance products to the range of wealth management options available to meet our customers’ financial needs.