HSBC plans China insurance push
David Fried takes over the regional business as CF Choy focuses on the mainland.
CF Choy, who served as CEO for HSBC Insurance in Hong Kong, has been given a new mission: develop the insurance business in mainland China for HSBC Group, including HSBC and Hang Seng.
This is a new position that will involve obtaining licenses for insurance and pensions business, says Choy, who declined to provide details of the firmÆs ambitions, other than the legal fact that the firm will require a domestic partner.
To date, HSBC Insurance has no presence in the mainland, although the group owns a 9.91% stake in Ping An Life Insurance. It also owns a 20% stake in Bank of Communications, and a 49% stake in HSBC Jintrust Fund Management.
David Fried has transferred from London to assume the insurance business regionally, in an expansion of ChoyÆs previous role, which was Hong Kong-focused. Fried has previously run HSBC InsuranceÆs business in the United States, as well as global business development from London.
Choy has overseen HSBC InsuranceÆs dominant position in the Hong Kong Mandatory Provident Fund market, although the firmÆs MPF and pensions strategy was initially developed under David Humphreys, who now runs a boutique investment firm, NewHaven Capital.
Fried will also oversee not just the insurance business, but also insurance brokering and retirement services. A spokeswoman says business heads for these units have yet to be finalised. Choy now reports to Mike Smith, Asia Pacific CEO at HSBC Group.
This is a new position that will involve obtaining licenses for insurance and pensions business, says Choy, who declined to provide details of the firmÆs ambitions, other than the legal fact that the firm will require a domestic partner.
To date, HSBC Insurance has no presence in the mainland, although the group owns a 9.91% stake in Ping An Life Insurance. It also owns a 20% stake in Bank of Communications, and a 49% stake in HSBC Jintrust Fund Management.
David Fried has transferred from London to assume the insurance business regionally, in an expansion of ChoyÆs previous role, which was Hong Kong-focused. Fried has previously run HSBC InsuranceÆs business in the United States, as well as global business development from London.
Choy has overseen HSBC InsuranceÆs dominant position in the Hong Kong Mandatory Provident Fund market, although the firmÆs MPF and pensions strategy was initially developed under David Humphreys, who now runs a boutique investment firm, NewHaven Capital.
Fried will also oversee not just the insurance business, but also insurance brokering and retirement services. A spokeswoman says business heads for these units have yet to be finalised. Choy now reports to Mike Smith, Asia Pacific CEO at HSBC Group.
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