Manulife sets up at HDBank in a bid to corner market

June 11, 2013 | 13:00

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HDBank will become a distributor of Manulife Vietnam life insurance products.

This partnership, inked last week, is designed to turn HDBank into a one-stop shop for all the financial planning needs of customers. With Manulife’s insurance solutions available in HDBank branches, customers can now find it easier to access to Manulife’s financial planning products and services to address their specific needs and to protect their family’s wealth and future against unforeseen circumstances.

The agreement will initially apply to Ho Chi Minh City HDBank branches, but soon expand to more branches nationwide.

Manulife Vietnam CEO Chung Ba Phuong said: “This year, besides the agency channel, we see a lot of opportunities to expand into the bancassurance channel to reach more customers. This agreement is a good chance for us to expand our presence and provide HDBank customers with more convenient products and services.”

Manulife, which in 1999 became the first fully foreign-owned life insurance company licensed in Vietnam, says in the first quarter of 2013 its insurance sales through bancassurance attained a rapid growth compared to the same quarter of 2012. However, it did not disclose the growth rate.

Late May, HDBank and Singaporean life insurer Great Eastern Vietnam signed an agreement on bancassurance promotion and building financial systems.

By By Tuong Thuy

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