Sun Life Financial (SLF) Tops Q1 EPS by 42c

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Go back to Sun Life Financial (SLF) Tops Q1 EPS by 42c

HSBC to buy out life insurance joint venture partner in China

May 4, 2020 4:02 AM EDT

HONG KONG (Reuters) - HSBC Holdings PLC said on Monday its insurance unit had agreed to acquire its China life insurance venture partner's 50% stake to own fully the company under the new rules on foreign ownership that came into effect in January.

The move will allow London-headquartered HSBC, which gets the bulk of its revenue from Asia, to further expand its footprint in the world's second-largest economy, where it has deployed billions of dollars as part its Asia "pivot" strategy.

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