HSBC Insurance Brokers received regulatory approval for securities investment fund sales business in China – state media

>>REAL-TIME UPDATES IN THE WIRE. CLICK HERE<<<

HSBC Insurance Brokers, a wholly-owned subsidiary of HSBC in China, has received approval from the China Securities Regulatory Commission (CSRC) Beijing Branch for its securities investment fund sales business, making it the first wealth management company in China to hold both insurance broker and fund sales licences, according to state-owned Shanghai Securities News.

Nuno Matos, CEO of Wealth and Personal Banking at HSBC, said that the bank is committed to assisting the development of China’s wealth management industry. 

In addition to increasing its investment in retail banking, private banking and asset management, HSBC will actively expand its insurance and wealth management businesses through innovative business models and platforms, with the aim of becoming a leading international wealth management organisation in Asia, he said.