HSBC wins regulatory nod to take over insurance business in China

HSBC Holdings Plc. won regulatory approval to take full control of its life insurance venture in China after more than one and half years’ waiting, marking an initial success in mending frayed relations with Beijing.

HSBC will buy the remaining 50% stake in HSBC Life China from The National Trust Ltd. after the approval by the China Banking and Insurance Regulatory Commission, according to a statement from the regulator Thursday.

Europe’s largest lender is steering billions of dollars in capital toward Asia to lift its profitability while shrinking or exiting operations in other parts of the world. Key to its growth strategy