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Bank capitalising on need for life insurance

Date: Wed, 11 May 2005

HSBC has announced that it plans to focus on the number of retirement and life insurance products it sells.

The leading bank is planning to review its current strategy towards such products and introduce a number of new services to customers to help them financially plan for the long-term.

"If you look at our competitors, who have been in this business much longer than we have, you can see that roughly 20 per cent of their customers are buying retirement products from them," said Tony Hope, head of insurance at HSBC.

"We are selling those products to around ten per cent of our 110 million customers worldwide. Clearly, that means there is room for us to grow the business."

In 2004, HSBC reported operating profit from its insurance businesses which equalled ten per cent of its total pre-tax profit of £19.42 billion.

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