(UK) – Global banking giant HSBC has become the latest foreign bank to buy into China’s life insurance industry, paying US$600 million for a 1 percent stake in Chinese insurer Ping An.HSBC says Ping An has a 29 percent share of the Chinese insurance sector, with more than 20 million policy holders.
HSBC moved on the Chinese bank sector last year, when it took an 8 percent stake in Bank of Shanghai.