HSBC Holdings PLC said Monday it has started selling some products of its affiliate Ping An Insurance (Group) Co. of China at its bank branches in mainland China.
HSBC's Shanghai branch started offering the life insurance products last week, and its branches in Beijing, Shenzhen, and Guangzhou are expected to begin doing so in September, the London-based global banking company said. However, HSBC said it isn't allowed to sell the products to mainland Chinese citizens, only to foreign nationals or residents of Hong Kong, Macau or Taiwan.
The banking company owns 10% of Ping An and has agreed to buy a further 9.9%. Ping An, based in Shenzhen, is the second-largest life insurer in China and the third-largest property and casualty insurer.
In China, HSBC also owns 19.9% of Bank of Communications Co., China's fifth-largest bank, and holds stakes in the midsize Bank of Shanghai and Industrial Bank Co. It has a mutual fund joint venture with Shanxi Trust and Investment Corp.
