The Manulife China Bank Life Assurance Corporation (MCBL) further strengthened its alliance with China Banking Corporation (China Bank) following the Bangko Sentral ng Pilipinas’ grant of the license to cross-sell bancassurance products to China Bank Savings (CBS), the thrift bank arm of China Bank. The grant will allow China Bank Savings to offer low premium-protection products that covers insurance, savings and investment plans.
“With MCBL as our bancassurance partner, world class life insurance products are easily within our client’s reach,” said CBS President Alberto Emilio V. Ramos. “This supports our goal of providing them with a comprehensive range of financial products and services to suit their evolving savings and investment needs.”
The strategic alliance between Manulife Philippines and China Bank began in 2007, through Manulife China Bank Life Assurance Corporation. MCBL provides China Bank clients with exclusive insurance and investment solutions to address their needs. In 2014, Manulife and China Bank renewed their partnership, with China Bank increasing their stake in the bancassurance company. China Bank Savings is a fully owned subsidiary of China Bank.
“The extension of the Manulife-China Bank relationship to CBS further strengthens our partnership across multiple fronts. It provides Chinabank Savings with a broader set of financial solutions to meet the needs of CBS customers, while providing MCBL with additional channels for growth,” added MCBL CEO Robert Wyld. “It is a win-win partnership that will benefit both companies and, more importantly, extend to clients as well.”
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About Manulife China Bank Life Assurance Corporation
Manulife China Bank Life Assurance Corporation is a strategic alliance between Manulife Philippines and China Bank, providing a wide range of innovative insurance products and services to China Bank customers. The aim is to ensure that every client receives the best possible solution to meet his or her individual financial and insurance needs. In 2014, China Bank raised its equity stake to 40% in Manulife China Bank Life, its bancassurance joint venture with Manulife Philippines.
About Manulife Philippines
The Manufacturers Life Insurance Company opened its doors for business in the Philippines in 1907. Since then, Manulife’s Philippine Branch and later The Manufacturers Life Insurance Co. (Phils.), Inc. (Manulife Philippines) has grown to become one of the leading life insurance companies in the country. Manulife Philippines is a wholly-owned domestic subsidiary of Manulife Financial Corporation, among the world’s largest life insurance companies by market capitalization.
Manulife Financial Corporation is a leading international financial services group providing forward-thinking solutions to help people with their big financial decisions. We operate as John Hancock in the United States, and Manulife elsewhere. We provide financial advice, insurance and wealth and asset management solutions for individuals, groups and institutions. At the end of 2014, we had 28,000 employees, 58,000 agents, and thousands of distribution partners, serving 20 million customers. At the end of September 2015, we had $888 billion (US$663 billion) in assets under management and administration, and in the previous 12 months we made more than $23 billion in benefits, interest and other payments to our customers. Our principal operations are in Asia, Canada and the United States where we have served customers for more than 100 years. With our global headquarters in Toronto, Canada, we trade as ‘MFC’ on the Toronto, New York, and the Philippine stock exchanges and under ‘945’ in Hong Kong. Follow Manulife on Twitter @ManulifeNews or visit www.manulife.com or www.johnhancock.com.
China Bank was established in 1920, was listed on the Philippine Stock Exchange in 1927, became the first bank in Southeast Asia to process deposit accounts on-line in 1969, the first Philippine bank to offer phone banking in 1988, and acquired its universal banking license in 1991. China Bank serves the banking needs of corporate, commercial, and retail markets and provides a wide range of banking services through its more than 300 branches and business centers, and over 500 ATMs nationwide, complemented by its internet and mobile banking alternative channels. With nine decades of enduring partnerships marked by quality service to its clients, China Bank remains to be one of the largest, most respected, trusted, and stable financial institutions in the country.
China Bank Savings, the retail banking arm of China Bank, was established in 2008. Its recent combination with Pampanga-based rural bank Unity Bank has resulted in a bigger and stronger banking franchise to serve the needs of retail customers. Following the merger with Small and Medium Enterprise (SME)-oriented Planters Development Bank (Plantersbank), China Bank Savings will expand its network to over 140 branches nationwide, as it aims to grow as a profitable community-oriented institution serving the broader consumer and SME market.