Canada's financial services industry should go global says Standard Life CEO Joseph Iannicelli



    MONTREAL, June 13 /CNW Telbec/ - The President and CEO of the Standard
Life Assurance Company of Canada, Joseph Iannicelli, marked the Company's
175th anniversary as the first insurance company in Canada, by telling members
of the Board of Trade of Metropolitan Montreal today that Canada's financial
services industry should look outward to global markets for growth and
profitability.
    "We have the talent, the technology, the capital and the confidence to
succeed globally!" said Iannicelli. "This is not about protecting ourselves
from the rest of the world. Going global is about playing to our strengths and
making our values, our culture and our expertise more relevant in a world that
is increasingly global."
    Mr. Iannicelli noted that global financial services companies are already
in the Canadian market in a big way, bringing with them a welcome global
perspective, global experience and competition.
    "Competition from global players is a driver of innovation and growth for
the Canadian financial services industry," he added. "The strategic imperative
is for Canadian financial services companies to level the playing field by
executing our strengths globally, both in mature markets and emerging markets.
We need to proactively seek out opportunities beyond Canada's borders."
    Citing extraordinary growth opportunities for the insurance industry,
particularly in China and India, Mr. Iannicelli also emphasized the necessity
of looking closely at profitable niche markets in mature economies such as the
United States and Europe. "The Canadian financial services industry includes
among its competitive strengths an educated, diverse, bilingual and
multi-lingual population, superior customer relationship management technology
and a strong capital base," he said.
    Moreover, he emphasized Canada's excellent positioning as a centre for
doing business globally. "Standard Life in Canada is headquartered in
Montreal, and has offices across the country, from which we provide global
services for Standard Life worldwide," he said. "With our 2,000 employees in
this country, we are here to stay."

    About Standard Life

    In 2008, Standard Life, the first life insurance company to transact
business in Canada, marks its 175th year of operations. Standard Life plc is a
major international financial services group headquartered in Scotland. It
provides asset-managing services for retirement, investment and protection to
some seven million customers globally. It has offices in the United Kingdom,
Canada, Ireland, Germany, Austria, India and China, including Hong Kong.
    The Standard Life Assurance Company of Canada is Standard Life plc's
largest operation outside the U.K., with 2,000 employees based in Montréal and
across Canada, serving more than 1.3 million Canadians, including group
insurance and pension plan participants. (www.standardlife.ca)
    Standard Life plc has approximately 1.5 million shareholders worldwide,
including approximately 14,000 institutional and individual shareholders in
Canada. It has been trading on the London Stock Exchange since The Standard
Life Assurance Company demutualized in 2006. Standard Life plc is listed on
the FTSE 100, Europe's largest index, and on the FTSE4Good Index, which
identifies companies adhering to globally recognized corporate responsibility
standards. (www.standardlife.com)

    
    NOTE TO EDITORS:
    - Mr. Ianicelli's speaking notes will be available on CNW as of 1:00pm.
    - Pictures will be available as of 2:30pm.

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For further information:

For further information: Ann-Marie Gagné, Standard Life, (514) 499-7999,
ext. 4600, ann-marie.gagne@standardlife.ca

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