CTBC Bank (Philippines) Corp., a subsidiary of Taiwan’s CTBC Bank and Manulife.
Philippines have forged a sales agreement allowing the insurer’s insurance products to be marketed and sold within the lender’s premises.
CTBC Philippines President and CEO Steve Tsai and Manulife Philippines President and CEO Ryan Charland, signed an agreement enabling CTBC Bank’s Trust and Investment Services Department to sell Manulife’s so-called investment-linked products to its customers.
This new agreement makes Manulife’s Affluence Max Gold and Affluence Income products available in CTBC Bank.
“One of Manulife’s key priorities is focusing on the customers, and making our products more accessible is core to this. This agreement allows us to make our products accessible to a new set of consumers, the CTBC’s trust clients.
On their end, this expands the investment options to CTBC’s trust clients,” the insurance executive said.
The Manulife Affluence Max Gold allows customers to make a one-time investment in a Manulife-managed fund that suits their financial goals.
The Manulife Affluence Income enables customers to make an investment that provides a steady target income for their immediate needs, while giving them the opportunity to grow their money through Manulife’s professionally managed funds.
Manulife said the bancassurance partnership with China Bank remains, and the agreement with CTBC is limited to selling products to trust clients.
Charland in an earlier interview with reporters said Manulife sells its products across the China Bank Group. About 30 percent of its sales revenues come from branch referrals from China Bank Group.
“This is not a bancassurance deal. The agreement is for CTBC to make two of Manulife’s products available to their customers through their trust group,” the Manulife official said.
Manulife is doubling its investment in the Philippines this year to fund its branch expansions.
It targets to open 18 branches in the next two years to reach 50 stores by 2016.
CTBC Philippines, formerly known as Chinatrust (Philippines) Commercial Bank Corp., is actively providing financial services to both local and foreign companies in the country and the middle-income consumers.