TORONTO/BEIJING, Nov. 9, 2011 /CNW/ - Manulife Financial Corporation and
Bank of China announced today the signing of a new framework agreement
between the two companies. The deal marks another step forward in a
relationship that has blossomed over the last 12 months. The agreement
will strengthen cooperation in areas such as insurance custody and
bancassurance in China, and other business arrangements in North
America. The framework comes into force with immediate effect and will
run for a minimum of two years.
The signing ceremony took place at Bank of China's headquarters in
Beijing. It was presided over by Mr. Donald Guloien, President and CEO
of Manulife Financial, and Mr. Marc Sterling, Executive Vice-President
of Manulife Financial and Chairman of Manulife-Sinochem Life
Insurance. Bank of China was represented by Mr. Chen Siqing,
Executive Vice-President, and Mr. Xu Chen, General Manager, Financial
Institution Department. The signing was witnessed by Ms. Sarah
Taylor, Deputy Head of Mission, Embassy of Canada. Both Mr. Guloien and
Mr. Chen signed the agreement.
"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 Mr. Guloien in his speech at the signing
Mr. Guloien also noted that 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. In May 2011, MSL
signed a bancassurance distribution agreement with Bank of China.
This has paved the way for MSL's products to be distributed via Bank of
China in Beijing, Shanghai, Shenzhen, Guangdong, Jiangsu and
Zhejiang. Additionally, Bank of China is also a major custodian and
distributor of Manulife Financial's joint venture fund management
company, Manulife-TEDA Fund Management.
Mr. Chen said, "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."
Mr. Sterling said, "MSL has built up a strong franchise in China, and
currently celebrating its 15th Anniversary. We feel it a privilege to
have been able to help hundreds of thousands of Chinese make some of
their most important financial decisions during that time. We are
thankful that they have chosen MSL and look forward to providing the
same high quality service and products to Bank of China's customers."
About Manulife Financial
Manulife Financial is a leading Canada-based financial services group
operating in 21 countries and territories worldwide. For more than 120
years, clients have looked to Manulife for strong, reliable,
trustworthy and forward-thinking solutions for their most significant
financial decisions. Our international network of employees, agents and
distribution partners offers financial protection and wealth management
products and services to millions of clients. We provide asset
management services to institutional customers worldwide as well as
reinsurance solutions, specializing in property and casualty
retrocession. Funds under management by Manulife Financial and its
subsidiaries were C$492billion (US$473 billion) as at September 30,
2011. The Company operates as Manulife Financial in Canada and Asia and
primarily as John Hancock in the United States. Manulife Financial
Corporation trades as 'MFC' on the TSX, NYSE and PSE, and under '945'
on the SEHK. Manulife Financial can be found on the Internet at manulife.com.
Manulife-Sinochem is a joint-venture company between Manulife
(International) Limited and the China Foreign Economy and Trade Trust
Company (a member of the Sinochem group). It was the first
Chinese-foreign joint-venture life insurance company established in
China and began operations in November 1996. To date the Company has
more than 14,000 professionally trained agents and employees, providing
financial and insurance services to more than 650,000 customers. The
company is now developing in 49 cities in Shanghai, Beijing, Guangdong,
Zhejiang, Jiangsu, Sichuan, Shandong, Fujian, Chongqing, Liaoning,
Tianjin and Hubei. With more than ten years' successful experience,
Manulife-Sinochem is committed to offering comprehensive insurance
products combined with excellent customer service and professionalism.
Manulife-Sinochem can be found on the internet at www.manulife-sinochem.com.
About Manulife TEDA Fund Management Company
Manulife TEDA Fund Management Co., Ltd is one of the earliest
joint-venture fund management companies in China, and was originally
established in June 2002. The Company's equity structure is as follows:
Northern International Trust & Investment Corporation Limited holds
51%; a unit of Manulife Financial Group, Manulife Asset Management
(Hong Kong) Limited holds 49%. Currently, the Company manages a
comprehensive product line with 16 mutual funds. Current registered
capital of the Company is 180 million RMB.
SOURCE Manulife Financial
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