Bangko Sentral ng Pilipinas has approved the selling of Manulife Philippines’ insurance products at China Bank Savings’ branches nationwide.
The Manulife China Bank Life Assurance Corp., the joint venture between Manulife Philippines and China Banking Corp., said it received a license from Bangko Sentral to cross-sell bancassurance products with China Bank Savings, 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 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,” Ramos said.
The strategic alliance between Manulife Philippines and China Bank began in 2007, through Manulife China Bank Life Assurance Corp. MCBL provides China Bank clients with exclusive insurance and investment solutions to address their needs.
Manulife and China Bank renewed the partnership in 2014, 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,” said MCBL chief executive Robert Wyld.
“It is a win-win partnership that will benefit both companies and, more importantly, extend to clients as well,” he said.
China Bank raised its equity stake to 40 percent in Manulife China Bank Life, its bancassurance joint venture with Manulife Philippines, in 2014.