HSBC Commercial Banking plans to more than double its insurance team next year as part of an aggressive expansion into niche markets that have yet to gain popularity.
Senior executive Albert L.C. Chan said the bank would hire 41 new staff by the middle of next year, adding to its current team of 34.
The marketing budget next year is set to double, according to Mr Chan, who declined to reveal the amount.
He said the bank's insurance section, which has previously focused on issuing insurance policies and broking, would look for opportunities among small and medium-sized companies and other corporate clients. 'The agency team will work closely with managers who know the needs of clients very well,' he said.
HSBC Holdings' insurance section contributed 10 per cent of the group's total turnover last year.
One major focus of the expansion will be keyman insurance which allows corporate clients to underwrite damages for loss of earnings resulting from accidents involving senior executives.