Manulife China Bank Life Assurance Corporation is a strategic alliance between Manulife Philippines and China Bank, providing a wide range of innovative insurance products and services to China Bank customers. The aim is to ensure that every client receives the best possible solution to meet his or her individual financial and insurance needs. In 2014, China Bank raised its equity stake to 40% in Manulife China Bank Life.
The Manufacturers Life Insurance Company opened its doors for business in the Philippines in 1907. Since then, Manulife’s Philippine Branch and later The Manufacturers Life Insurance Co. (Phils.), Inc. (Manulife Philippines) has grown to become one of the leading life insurance companies in the country. Manulife Philippines is a wholly-owned domestic subsidiary of Manulife Financial Corporation, among the world’s largest life insurance companies by market capitalization.
China Banking Corporation (China Bank), stock symbol CHIB, is the first privately-owned commercial bank in the Philippines. Established in 1920, it played a key role in post-World War II reconstruction and economic recovery through its support to businesses and entrepreneurs in critical industries. It was listed in the local stock exchange in 1927, became the first bank in Southeast Asia to process deposit accounts online in 1969, the first Philippine bank to offer phone banking in 1989, and acquired its universal banking license in 1991.
China Bank offers a complete range of deposit, lending, international, and investment banking products and services to corporate, commercial, and retail customers with its nearly 400 branches and more than 650 ATMs nationwide. It also provides capital raising, merger and acquisition, financial restructuring, debt and securities underwriting, securities brokerage, and economic advisory services through its investment house, China Bank Capital Corporation (CBCC), offers insurance brokerage services through Chinabank Insurance Brokerage, Inc. (CIBI), and an array of banking of products and services for the retail and SME (small and medium enterprises) markets through its thrift bank subsidiary, China Bank Savings, Inc. (CBS).