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Publish Date : 14-Aug-2014

Manulife (International) Limited ("Manulife") and the Industrial and Commercial Bank of China (Macau) Limited ("ICBC (Macau)") today announced a strategic bancassurance agreement in Macau.

The new partnership will enable Manulife to distribute its life and medical insurance plans, as well as retirement solutions, to ICBC (Macau) customers via the bank’s 17 branches and four wealth management centres in Macau, helping them to build, protect and enjoy wealth for a good quality of retirement life. Michael Huddart, Manulife’s Executive Vice President and General Manager for Greater China, said: "Manulife has long been focused on the development of our bancassurance business, which is key to our strategic growth development. We are very pleased to have formed our first bancassurance partnership in Macau with ICBC (Macau), which is the largest local registered bank in this market.

"As in other developed economies in the world, Macau is facing an aging-population problem. There will be an increasing need for retirement planning and we see a lot of potential for future growth. The strategic partnership demonstrates our commitment to meeting the emerging needs of Macau customers for life protection, wealth accumulation and retirement planning."

Jiang Yisheng, Chief Executive Officer of ICBC (Macau), said: "The new strategic partnership has combined the respective strengths of both companies – our extensive branch network and professional banking and wealth management services and Manulife’s diversified insurance portfolios and its expertise in financial planning and retirement – so I am confident that this synergy will enable us to delight customers with a total banking, insurance and financial planning experience." A range of Manulife’s life and medical insurance as well as retirement plans will become available to ICBC (Macau) customers starting from September 10, 2014.

Manulife has been operating in Macau since 1996 and has since enjoyed steady business growth. Early this year, the company extended its pension service to Macau to complement its already popular individual insurance business. The signing of this bancassurance agreement with ICBC (Macau) marks another milestone for Manulife’s development in the market, offering promising business opportunities and servicing touch-points for customers who seek its quality financial planning and retirement solutions.

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