China Banking Corp., an affiliate of the Sy Group and the 5th largest lender in the country by assets, said Thursday its board has approved the renewal of its joint-venture partnership with Manulife Philippines under Manulife China Bank Life Assurance Corp. The agreement, which is subject to approval by the Insurance Commission, will extend the partnership for another 15 years.
Since its inception in 2007, MCBL has provided financial protection and wealth management products through more than 600 Chinabank and Chinabank Savings branches across the Philippines. Chinabank holds a 40 percent stake in the venture.
This renewal reflects the long-term commitment of both Chinabank and Manulife to offer comprehensive life, health, and wealth solutions, aimed at enhancing the financial security of Filipino families. With this renewed agreement, the companies aim to further strengthen their presence in the growing life insurance and financial services sectors.
The partnership’s extension comes at a time when financial security and wealth management are top priorities for many Filipinos, further solidifying the organizations’ roles in meeting these needs. The renewal also highlights Chinabank’s continued focus on expanding its range of financial services to support the evolving needs of its customers.
