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Friday, January 16, 2015

Security Bank bags BSP approval of partnership with Hong Kong life insurer

The Bangko Sentral ng Pilipinas (BSP) has approved the partnership of Security Bank Corp and Hong Kong-based Pacific Century Group's insurance arm.

In a disclosure to the Philippine Stock Exchange, Security Bank said it received the approval of the central bank on the lender's request for the authority to cross-sell FWD Life Insurance Corp's products through a bancassurance arrangement.

Security Bank sealed an exclusive partnership with FWD Life last October, allowing the regional insurer to offer life insurance products to the bank's customers.

The partnership is expected to derive synergies from Security Bank's distribution platform and FWD Life's innovation and expertise.

The Insurance Commission last April granted FWD Life a license to operate in the country, making it the first foreign life insurance company in nearly a decade to enter the Philippine market.

The permit comes after the insurer put up the P1-billion capital that the government requires. On top of that, FWD Life is spending P300 million for its operational expenses, having hired 40 so far for its Philippine venture.

Pacific Century Group is the private investment firm of Richard Li, son of Asia's richest man, Li Ka-Shing.

- Interaksyon

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