Outlining its future plans to shareholders, HSBC outlined how it wishes to double the proportion of its profits that come from insurance for the current level of ten per cent of profits, or around $2 billion a year, over the next five years.
Traditionally HSBC has done well in the insurance market in Asia, although globally it has not performed so well.
To improve the profile of insurance, Clive Bannister, executive of the bank's private-banking business took on the role of head of global insurance in November and when interim results are released in the summer, the firm's insurance business will be a separate reporting unit.
Last week HSBC announced that it was doubling its stake in Vietnam's Techcombank to 20 per cent for $71.5 million. The bank is also looking to start selling insurance products in Vietnam.