Heng An Standard Life (HASL) has a completed the acquisition of Standard Life Asia from Standard Life Oversea Holdings, a wholly owned subsidiary of Standard Life Aberdeen (SLA).

The transaction was completed with approvals from the Insurance Authority in Hong Kong and the China Banking and Insurance Regulatory Commission in Mainland China.

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HASL is a joint venture insurance business between SLA, headquartered in the UK, and Tianjin TEDA International Holding (Group) Company Limited in Mainland China, a state-owned financial services enterprise.

SLA announced the proposed sale of Standard Life Asia to HASL in March 2017.

As part of the transaction, HASL senior executives Zhenyu Liu and Olivia Liu will take charge of the acquired company as chairman and chief executive.

Standard Life (Asia) will maintain its name until the launch of the new brand, it said in a statement.

HASL general manager and Standard Life Asia chairman Zhenyu Liu said, “The completion of the transaction marks a major milestone for Standard Life Asia and HASL in building a stronger, single base for our insurance business in Mainland China and Hong Kong.

“We are in a unique position as part of a Sino-foreign joint venture insurance business to expand further in the region, to better serve our customers and build a sustainable business with long-term commitment.”

SLA CEO Keith Skeoch said: “HASL is an important strategic investment for Standard Life Aberdeen and I am delighted we have completed this transaction, which ensures a strong base for HASL in Hong Kong.”