HSBC enables RMB payment for Wealthsave Protection Plan

Product extended to corporate customers as option to settle premiums in RMB or HKD.

Following the announcement on renminbi settlement arrangement by the Hong Kong Monetary Authority (HKMA), HSBC Insurance has enhanced its WealthSave (Renminbi) Protection Plan to provide new individual and corporate customers the option to settle their premium in either renminbi (RMB) or Hong Kong dollars (HKD), starting 21 July 2010.

HSBC’s WealthSave (Renminbi) Protection Plan, launched in May this year, is a comprehensive insurance plan that enables customers to enjoy savings, protection and attractive returns, as well as to capture potential RMB appreciation.

Paul Menzies, Deputy Regional Head of HSBC Insurance, said: “WealthSave (Renminbi) Protection Plan, offering a guaranteed return of as high as 1.6 per cent, has been well received by the market as sentiment and outlook for RMB appreciation remain favourable. In the first two months of its launch, the plan has contributed around 20 per cent of our non-linked life insurance businesses in terms of annualised premium. We expect the product to remain attractive to customers who aim to diversify their savings pool and capture new opportunities to grow their wealth.

“With the announcement on RMB settlement arrangement by the HKMA, we have immediately enhanced this plan to allow both individual and corporate customers to pay their premiums in RMB. This move demonstrates our commitment to introducing simple, customer-focused products and services that are relevant to market needs.”

Bruno Lee, Regional Head of Wealth Management Asia-Pacific, added: “HSBC has been offering a range of pioneering RMB products and services. WealthSave (Renminbi) Protection Plan is designed for customers who are looking for a one-stop wealth management tool that combines savings, protection and potentially higher returns than RMB savings in the medium to long-term. Our customers can now take advantage of the new option that enables them to pay their premiums through their RMB savings accounts with ease.”

Albert Chan, Head of Commercial Banking for Hong Kong said: “HSBC Commercial Banking will continue to roll out RMB investment and wealth management products for commercial customers, and we anticipate that the WealthSave (Renminbi) Protection Plan will become one of the most popular wealth management products for small and medium enterprises.”