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.”
