CMB Wing Lung Bank Limited and FWD Insurance signed a bancassurance partnership in Macau to provide insurance products and services.
Bancassurance is an agreement between a bank and an insurance company allowing the insurance company to sell its products to the bank’s customers.
Both parties also believed that the partnership will provide a competitive advantage to both companies by seizing the vast opportunities in the fast-growing Greater Bay Area market.
“The new partnership with FWD will enrich our insurance products and range of services for Macau residents who are constantly looking for more innovative and comprehensive options. We believe the partnership will also strengthen CMB Wing Lung Bank’s advantage in GBA cities,” said the bank’s Deputy Managing Director, Li Qi, in the announcement.
CMB Wing Lung Bank is a subsidiary of China Merchants Bank Co., Ltd. (CMB), a Shenzhen-based bank and the first shareholder-owned commercial bank to be wholly corporate-owned in China when it was founded in 1987.
At present, the Bank has more than 30 banking outlets and CMB Wing Lung Private Banking Center in Hong Kong, its outlet network also covers mainland China, Macao and overseas, more than 2,000 people in its workforce.
Meanwhile, FWD Hong Kong and Macao are part of the FWD Group, a pan-Asian life insurance company offering life and medical insurance, employee benefits and financial planning.