Liu Chong Hing Bank is going into the insurance business by paying $212 million for the general insurance arm of its parent company, Liu Chong Hing Investment. The bank, one of the smallest listed lenders in Hong Kong, said it would use internal resources for the purchase. 'We have 80 wealth management staff promoting banking, securities and other investment services. It would be a good idea to add insurance to our product line,' said Brian Cheung Nam-chung, the bank's senior manager. Liu Chong Hing Insurance has been operating for 30 years and offers a variety of personal and commercial insurance. 'We have a large client base to cross-sell the insurance products to,' said Mr Cheung. The bank's move follows the example of larger peers such as HSBC and Hang Seng Bank, which have aggressively expanded their insurance businesses in recent years. Liu Chong Hing Insurance reported a $25.9 million after-tax net profit last year, up 10 per cent from a year earlier. Its net asset value at the end of last year was about $95.9 million. Liu Chong Hing Investment said it would receive a net $211 million from the deal. It is expected to receive shareholder approval on April 26.