HSBC targets Chinese insurers for custody growth
HSBC Securities Services is to use its new custody licence to win business from Chinese insurers, but it has been warned the fiercely competitive domestic market will be tough for any foreign bank to crack.
The custody arm of HSBC is looking to expand in China by offering its services to mainland insurers.
As insurance companies in China see their AUM rise steeply, they are starting to invest offshore, and China Life’s issuance of mandates to international managers is expected to lead to similar moves by peers, as reported.
However, doubt has been cast on whether foreign financial institutions can succeed in cracking China’s custody market, given the fierce competition for business…
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