ICBC Macau to sell Manulife products

The Industrial Commercial Bank of China in Macau (ICBC Macau) and Manulife International Limited have entered into a bancassurance agreement here that will see the company’s life and medical insurance plans and retirement solutions sold through ICBC Macau.
All 17 branches of ICBC Macau as well as four wealth-management sites will sell Manulife products to its clients from September 10.
Manulife’s executive vice president and general manager for Greater China, Michael Huddart, said that demands for retirement planning will increase with the aging population problem. In addition, he said that they see a lot of potential for future growth in the Special Administrative Region.
“The strategic partnership demonstrates our commitment to meeting the emerging needs of Macau customers for life protection, wealth accumulation and retirement planning,” Huddart said.
The Canadian company was founded in 1984 and is primarily based in Hong Kong, expanding into the Macau market in 1996. Earlier this year, the company extended its pension service to Macau to complement its individual insurance business.