Yangon, Myanmar – Manulife Myanmar and uab bank today announced an exclusive bancassurance partnership to help families in Myanmar make better financial decisions, protect themselves and their families and plan for their children’s education. 00000301
Building on a Memorandum of Understanding signed in February 2020, the new agreement allows uab bank customers to purchase Manulife products at bank branches nationwide and draw on expert advice from qualified uab bank financial advisors. Customers can also use uab’s digital banking services, including online payment, as customers better secure their financial future. This partnership extends on Manulife’s commitment to serve the insurance and financial needs of the people of Myanmar and make their lives every day better.
“Manulife and uab bank are united by a commitment to help Myanmar families improve their lives,” said Robert Elliott, Chief Executive Officer and General Manager of Manulife Myanmar. “With this bancassurance partnership, we are ideally placed to develop world-class products and services tailormade for customers here as we expand Myanmar’s insurance market and promote the digitisation of the financial services sector. With uab bank, Manulife is proud to be able to contribute to the growth of Myanmar’s financial infrastructure to support ongoing economic development.”
Christopher Loh, Managing Director and Chief Executive Officer, uab bank said, “We are very excited to partner with Manulife – one of the world’s biggest and a leading life insurer whose commitment to Myanmar dates back to 1903. This bancassurance partnership will enable both Manulife and uab bank to develop products and financial solutions that will improve the financial wellbeing of the people of Myanmar, provide financial protection and improve the lives of millions of Myanmar’s people.”
Manulife was among the first foreign insurance companies granted a license to operate in Myanmar in November 2019. It has subsequently developed and launched two products tailormade for the needs of Myanmar families, both of which come with special COVID-19 benefits.
About Manulife Myanmar
Manulife Myanmar is a wholly foreign-owned life insurance operation in Myanmar under Manulife Financial Corporation. Manulife is focused on developing Myanmar’s life insurance industry and providing financial protection to the people of Myanmar, helping Myanmar families build a healthier and more secure financial future.
To learn more about Manulife Myanmar, Visit: https://www.manulife.com.mm.
Manulife Financial Corporation is a leading international financial services group that helps people make their decisions easier and lives better. With our global headquarters in Toronto, Canada, we operate as Manulife across our offices in Canada, Asia, and Europe, and primarily as John Hancock in the United States. We provide financial advice, insurance, and wealth and asset management solutions for individuals, groups and institutions. At the end of 2019, we had more than 35,000 employees, over 98,000 agents, and thousands of distribution partners, serving almost 30 million customers. As of September 30, 2020, we had $1.3 trillion (US$943 billion) in assets under management and administration, and in the previous 12 months we made $31.2 billion in payments to our customers.
Our principal operations are in Asia, Canada and the United States where we have served customers for more than 155 years. We trade as ‘MFC’ on the Toronto, New York, and the Philippine stock exchanges and under ‘945’ in Hong Kong.
About uab bank
uab bank is a leading bank in Myanmar. Recognised for its successful transformation and leadership in the Myanmar banking sector amidst the regulatory changes and governance requirements, uab bank was named ‘Myanmar’s Best Bank‘ by Euromoney, ‘Mid-sized Domestic Retail Bank of the Year‘ by Asian Banking & Finance, and was ranked No.1 in Corporate Governance Disclosure by Pwint Thit Sa (TiME) Report published by the Myanmar Centre for Responsible Business.
Established in 2010, uab bank serves customers from a growing network of over 78 branches in 47 townships across Myanmar. uab provides a wide range of financial services including consumer banking, premier banking, SME banking, corporate banking, trade finance and treasury services. Through our subsidiary, uab securities, we also provide brokerage services, corporate and financial advisory, investment banking and capital market activities.
At uab bank, we believe in leading the way towards a better Myanmar, humanising banking, connecting people, creating opportunities and changing lives. In December 2017, uab launched “Be The Change Myanmar” initiative that represents our commitment to driving change for a better Myanmar, specifically focusing on empowering women and children. We believe uab must operate responsibly and be committed to the community we are in.