10th Sep 2015 11:38
LONDON (Alliance News) - Standard Chartered PLC and Manulife on Thursday said they have formed a distribution partnership lasting 15 years.
The deal means that the Canadian insurer will have the exclusive right to offer its mandatory provident fund product to Standard Chartered's customers in Hong Kong.
As part of the deal, Manulife will acquire the emerging markets bank's existing mandatory provident fund and occupational retirement schemes ordinance businesses, and the related management entity.
The deal looks to bolster Standard Chartered's ability to distribute wealth management products across Hong Kong, while expanding Manulife's pension business.
"The partnership demonstrates our commitment to provide our clients with a holistic proposition, including retirement services, to meet their financial goals. It is a further step in executing on our global wealth strategy, to leverage our strong franchise and distribution network to deliver quality wealth solutions to our clients," Judy Hsu, group head, wealth management, Standard Chartered, said in a statement.
"This partnership will strengthen our proposition in retirement services which remains a core product of the bank. We look forward to working with Manulife to deliver the benefits of the partnership to our customers," May Tan, chief executive of Standard Chartered Bank (Hong Kong) Ltd, said in a statement.
Roy Gori, President and CEO, Manulife Asia, said: "The MPF industry in Hong Kong is experiencing continued consolidation, and Manulife is seen as a partner of choice."
The deal is expected to close in the first half of 2016.
Financial details were not disclosed.
Standard Chartered shares were down 2.7% at 723.90 pence on Thursday afternoon in London.
By Samuel Agini; [email protected]; @samuelagini
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Standard Chartered