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Daily Dispatches: HSBC boosts insurance in Shanghai

HSBC Insurance aims to lift its Shanghai sales outlets to 40 by the year-end, targeting rich mainlanders. (The Standard)

Ma Weihua, the chief executive of China Merchants Bank, traveled frequently to Wall Street in the years before the financial crisis, seeking help and guidance from luminaries like Sandy Weill at Citigroup and Maurice “Hank” Greenberg at AIG. These days, the roles are reversed. (Wall Street Journal)

Prudential and its advisers held positive talks with the UK Financial Services Authority over the weekend that have left the life assurer more confident that it can meet the watchdog’s demands. (Financial Times)

The world’s biggest sovereign wealth funds meeting in Sydney at the weekend said they should not be hindered by restrictive investment regimes and that their goodwill efforts to promote disclosure, investment motives and corporate governance had not been fully recognised. Jin Liqun, supervisory board chairman of China Investment Corporation, said these funds deserved to be treated “fairly and not discriminated against” and added that the Chinese government does not interfere with its investment decisions. (Financial Times)

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