Manulife and Standard Chartered have entered into a 15-year distribution partnership providing Manulife the exclusive right to offer its Mandatory Provident Fund (MPF) product to Standard Chartered’s customers in Hong Kong.
As part of the arrangement, Manulife will acquire Standard Chartered’s existing MPF and Occupational Retirement Schemes Ordinance businesses, and the related investment management entity for an undisclosed amount.
Read: Manulife completes Standard Life acquisition
“This partnership between two of Hong Kong’s top financial services companies will enable us to increase value to customers and deliver the benefits of economies of scale,” says Roy Gori, President and CEO, Manulife Asia. “This deal complements Manulife’s recent acquisitions in Canada and the United States and accelerates our strategy to grow our Asia and wealth management businesses.”
The transaction is expected to close in the first half of 2016, subject to the receipt of relevant regulatory approvals.
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