BEIJING, Sept 27: Global banking giant HSBC said on Thursday a subsidiary has received the official go-ahead to set up an insurance joint venture in China.

The China Insurance Regulatory Commission, the industry watchdog, has given preliminary approval to a 50-50 joint venture between HSBC Insurance (Asia) Ltd and the Beijing-based National Trust Ltd, HSBC said in a statement.

The final formation and launch of the joint venture is subject to the partners meeting certain regulatory requirements within 12 months, it said.

Some of the terms of the joint venture are also subject to talks with National Trust, a privately held trust company authorised by the China Banking Regulatory Commission, it added. HSBC Insurance (Asia) Ltd’s parent is HSBC Insurance (Asia Pacific) Holdings Ltd, a wholly-owned subsidiary of HSBC.—AFP