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Fifty-five financial institutions including HSBC, Standard Chartered and Crédit Agricole joined a global initiative that awards stamps of approval to companies that meet science-based climate targets in alignment with the Paris Agreement.

Ping An Group, the top shareholder of HSBC, has lifted its stake in the bank to 8% as the U.K. lender continues its pivot to China, a strategy which has drawn scrutiny from Western politicians amid rising political tensions.

U.K. lender HSBC on Tuesday launched a new reporting service designed to give institutional investors and their asset managers independent measurements of the environmental, social and governance performance of their large holdings.

HSBC is set to acquire the remainder of its life insurance joint venture in Shanghai, the bank said Monday, making it the latest financial institution to take advantage of recently relaxed foreign ownership rules to gain a greater foothold in China.