HSBC wins approval to buy out China life insurer joint venture

HSBC has received regulatory approval from the Shanghai office of the China Banking and Insurance Regulatory Commission to take full ownership of its life insurance joint venture in the country. The agreement allows it to buy the remaining 50% in its venture HSBC Life China, HSBC said in a statement. The life insurance venture, launched in 2009, is headquartered in Shanghai and has a presence in ten cities across China, the bank said. Based in Shanghai, HSBC Life China is present in 10 mainland cities covering Shanghai, Beijing, Tianjin, Hangzhou, Guangzhou, Foshan, Dongguan, Zhuha...