The lion bank will have a 20% stake in the venture and an open doorway to tap Chinas fast growing retirement market, Asian Investor reports.
Bank of Communications (BoCom) is preparing to form a pension joint venture with HSBC and will hold a 20% stake in the new business, according to BoCom chairman Jiang Chaoliang.
For the purpose of putting the business together, BoCom is applying to the China Insurance Regulatory Commission (CIRC) for a business license to operate an insurance business, following the CIRCs recent deregulation that allows banking groups to operate in the insurance/pension space.
The full story is available at the Asian Investors web-site.