19th Jan 2009 07:00
Hansard Global PLC
("Hansard Global" or the "Company")
Hansard expands in Far East with Labuan branch opening
Hansard Global, the specialist long-term savings provider, announces that its subsidiary, Hansard International Limited, has established a new life assurance branch in Labuan, an island administered by the Federal Government of Malaysia.
The new branch, Hansard International Limited Far East, is part of Hansard Global's strategy to expand and diversify its business in the Far East region, and further positions the Company as a leading provider of investment solutions to intermediaries supported by its award-winning technology platform, Hansard OnLine. The Labuan branch will provide a number of key benefits to the Company, including:
Improving proximity to existing intermediaries in the region, and the ability to use the base to focus on developing and training intermediaries;
Increasing access to new intermediaries and policyholders; and
Providing medium to long-term savings in servicing costs.
The new branch has been issued a licence by the Labuan Offshore Financial Services Authority ("LOFSA"). The Group's distribution arm, Hansard Development Services Limited, has also established a subsidiary in Labuan, Hansard Development Services (Asia Pacific) Limited, which is also licensed by LOFSA.
LOFSA has implemented a number of policies that facilitate the creation of a competitive and attractive business environment in Labuan. These have not only confirmed Labuan's standing as a reputable offshore financial centre, but also have created a business-friendly environment in which to operate.
Joseph Kanarek, Hansard Global's Chief Distribution Officer, commented: "The Labuan branch and licence provides Hansard with an excellent channel for new business distribution in the Far East, providing access to existing intermediaries and giving opportunities to source and train new ones. We regard Hansard's far-ranging network of intermediaries as one of our core strengths. This move supports its expansion in the Far East."
Contact details:
For further information, please contact
Hansard Global Plc
Vince Watkins / Gordon Marr 016 2468 8000
Bell Pottinger Corporate and Financial
Dan de Belder/ Laura Pope 020 7861 3232
Notes to Editors:
Hansard Global is a specialist long-term savings provider, based on the Isle of Man. The Company offers a range of flexible, tax-efficient investment products within a life assurance policy wrapper, developed to appeal to affluent international investors.
Labuan is an island strategically located in the Asia-Pacific region, off the coast of East Malaysia. It is an integrated International Business & Financial Centre (IBFC), offering a wide range of offshore financial products and services to customers worldwide, including banking and investment banking, insurance, captives, trust business, fund management, investment holding, company management and Islamic financing.
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