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China Bank infuses P40m into Manulife

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China Banking Corp., the seventh-largest lender in terms of assets, is infusing an additional capital of P40 million into Manulife China Bank Life Assurance Corp. to enhance its competitive position.

Manulife China Bank Life Assurance Corp. is a strategic alliance between Manulife Philippines and China Bank, providing a wide range of innovative insurance products and services to China Bank customers.

“Please be informed that during the regular meeting held this afternoon, 28 November 2018, subject to confirmation of the board, the executive committee of the bank approved an additional capital infusion in the amount P40 million in Manulife China Bank Life Assurance Corp.,” the bank said in a disclosure to the stock exchange.

“This represents 40 percent of the P100 million total capital infusion into MCBL with the balance of P60 million to be provided by Manulife Philippines,” the bank said.

On top of complying with the higher capital requirements for insurance companies, China Bank said the additional capital would improve MCBL’s capacity to underwrite more business and enhance its competitive position.

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The Manufacturers Life Insurance Co. opened its doors for business in the Philippines in 1907. Since then, Manulife’s Philippine branch and later The Manufacturers Life Insurance Co. (Philippines) Inc. (Manulife Philippines) has expanded to become one of the leading life insurance companies in the country. 

Manulife Philippines is a wholly-owned domestic subsidiary of Manulife Financial Corp., among the world’s largest life insurance companies by market capitalization. 

China Bank is the first privately-owned commercial bank in the Philippines. Established in 1920, it played a key role in post-World War II reconstruction and economic recovery through its support to businesses and entrepreneurs in critical industries. It was listed in the local stock exchange in 1927.

China Bank’s net income fell 2 percent to P5.56 billion in the first nine months of 2018 from P5.68 billion a year ago on lower trading gains.

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