Manulife Financial and Bank of China boosted their business ties by signing a new two-year agreement, according to a Manulife release.
The new accord is expected to “strengthen cooperation in areas such as insurance custody and bancassurance (the sale of insurance and other similar products through a bank) in China, and other business arrangements in North America.”
The development is seen as part of a growing trend, of companies in low-growth developed markets increasingly partnering with counterparts in developing economies in search of growth and expansion.
“As more and more Chinese and Canadian companies and citizens look to each other’s home country for business opportunities, academic pursuits or simply as a holiday destination, we view closer cooperation between Bank of China and Manulife as an opportunity to realize business opportunities together,” said Donald Guloien, president and CEO of Manulife Financial, in a speech at the signing ceremony.
China is an important market for Manulife, and the bancassurance partnership between Manulife’s joint venture life insurance company, Manulife-Sinochem Life Insurance (MSL) and Bank of China will be an important source for future growth.
“I strongly believe that, Bank of China will continue to adhere to its customer-oriented banking philosophy, constantly and consistently offering high quality and efficient financial services to all customers. We are confident that this mutually beneficial cooperation will further promote our business development and achieve win-win prospects for both institutions,” said Xu Chen, general manager, financial institution department, Bank of China.