Manulife and ICBC (Macau) enter bancassurance agreement

13 August 2014   Category: News, Asia, China, Global, Hong Kong, USA, Canada   By David Macfarlane

Manulife (International) Limited (Manulife) and the Industrial and Commercial Bank of China (Macau) Limited (ICBC (Macau)) have entered into a strategic bancassurance agreement in Macau.

Michael Huddart, Manulife’s executive vice president and general manager for Greater China, said: “Manulife has long been focused on the development of our bancassurance business, which is key to our strategic growth development. We are very pleased to have formed our first bancassurance partnership in Macau with ICBC (Macau), which is the largest local registered bank in this market.”

The new partnership will enable Manulife to distribute its life and medical insurance plans, as well as retirement solutions, to ICBC (Macau) customers via the bank’s 17 branches and four wealth management centres in the former Portuguese enclave, starting from September 10. 

Mr. Huddart added: “As in other developed economies in the world, Macau is facing an ageing-population problem. There will be an increasing need for retirement planning and we see a lot of potential for future growth. The strategic partnership demonstrates our commitment to meeting the emerging needs of Macau customers for life protection, wealth accumulation and retirement planning.”

Jiang Yisheng, chief executive officer of ICBC (Macau), said: “The new strategic partnership has combined the respective strengths of both companies – our extensive branch network and professional banking and wealth management services and Manulife’s diversified insurance portfolios and its expertise in financial planning and retirement.”

Manulife (International) Limited is a member of the Manulife group of companies, which is a leading Canada-based financial services group with principal operations in Asia, Canada and the United States; funds under management by Manulife and its subsidiaries were approximately C$637.3 billion (US$582.17 billion) as at June 30.

ICBC (Macau), formerly known as the Seng Heng Bank Limited, established in 2009, is the third largest locally incorporated bank in Macau, according to Wikipedia. In August 2007, the Industrial and Commercial Bank of China (ICBC) acquired a 79.9% share in the bank, which became a subsidiary of ICBC. In July 2009, the merger was finalised and renamed ICBC (Macau).