If approved, Europe's biggest bank by assets will expand its presence in the $3.8 trillion fund management market in China.
The London-headquartered bank converted its China insurance joint venture to a wholly-owned subsidiary in 2021, and boosted ownership of its China securities joint venture to 90% last year.
HSBC has deployed billions of dollars in China in the last few years as part of an Asia pivot, boosting its market share across banking, insurance and securities businesses in the country's $57 trillion financial sector.China Investments HSBC Chief Executive Noel Quinn visited Beijing in March, when a top official told him China "welcomed an expansion of HSBC's investment in the country."
The bank's signing of the deal for the China fund business comes as it contends with a months-long campaign from shareholder Ping An to hive off its Asia business. HSBC managed to defeat a break-up bid at Friday's annual investor meeting.
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