HONG KONG, June 27, 2011 - (ACN Newswire) - China Construction Bank (Asia) ("CCB (Asia)") and ING Life ("ING") today signed an agreement to extend their bancassurance collaboration for another 10 years through to the year 2021. The comprehensive series of life and savings insurance products (in both HKD or RMB) from ING will continue to be available through the extensive branch network of CCB (Asia) in Hong Kong and Macau.
|China Construction Bank (Asia) and ING Mark New Milestone of Another 10 Years of Strategic Collaboration|
This strategic move marks an exceptional chapter for the two renowned companies committing to a long- term synergy which has been established since 2007.
Officiating at today's press conference and signing ceremony were CCB (Asia) President & Chief Executive Officer Miranda Kwok and ING Insurance Asia/Pacific Chief Executive Officer Frank Koster. They were joined by CCB (Asia) Executive Vice President & Head of Consumer Banking Group Huang Tao, ING Insurance & Pensions, Hong Kong & Macau, Co-Head Wim Hekstra, CCB (Asia) Senior Vice President & Head of Consumer Branch Banking Chris Jue, and ING Insurance & Pensions, Hong Kong & Macau, Co-Head Lennard Yong, to unveil this significant collaboration. The agreement and the ceremony signified the strong commitment of the bank and the insurance company in joining hands to provide their finest services to customers for another ten years.
CCB (Asia) President & Chief Executive Officer Miranda Kwok said, "Following our successful collaboration since 2007, we are delighted to extend this collaboration with ING for a longer term. We are glad that our insurance business has been growing well and forms an important part of our consumer banking business. The provision of ING's quality and diversified insurance products will enable us to promptly capture the market growth opportunities and further enhance our wealth management services. Our customers are benefiting from the collaboration as they are now offered more customized and quality products and services. Through this bancassurance relationship with ING we will continue to enhance our insurance business by offering a wider range of products and providing quality services."
ING Insurance Asia/Pacific Chief Executive Officer Frank Koster also stated, "We are very excited to extend our Strategic Partnership with CCB (Asia). Together we have achieved brilliant results and this is achieved by a range of ING's life insurance solutions distributed through CCB (Asia) wide network of branches. Bancassurance is a significant growth area for ING's insurance business and the revenue generated has been growing impressively fast. We are so glad to continue to work with CCB (Asia) to strengthen our product offerings to meet the sophisticated needs of our customers. We are very confident that this long term collaboration will further reinforce the presence in the market of both companies."
Following the signing of the 10-year agreement, robust effort and investments will be put forward. ING will launch two products with CCB (Asia) in July 2011. The first one is a RMB endowment product for customers who aspire to short-term saving. And, the second one is a versatile High Net-worth Universal Life product (in USD) with a set of built-in and comprehensive wealth management solutions for the affluent.
Furthermore, ING will work with CCB (Asia) to invest and build up value-added services such as sales and system support, marketing and training. The collaboration is expected to benefit both groups of customers over the next 10 years.
About China Construction Bank (Asia) Corporation Limited
Having become a wholly-owned subsidiary of China Construction Bank Corporation ["CCB Corporation"] on December 29, 2006, the bank, formerly known as Bank of America (Asia) Limited, was renamed China Construction Bank (Asia) Corporation Limited ["CCB (Asia)"] on December 30, 2006.
CCB (Asia) has 49 branches in Hong Kong and Macau. A wide array of consumer, retail and commercial banking products and services are offered to customers through these branches. In addition, there is CCB Private Banking designed specially for high net worth customers.
For Consumer Banking, CCB (Asia) offers conventional transactional, foreign exchange and cash services, as well as deposits, loans, investments, consolidated banking, insurance, RMB services, credit card and electronic banking services. For Retail and Commercial Banking, the bank offers a variety of products and services in trade financing, working capital and term lending, foreign exchange, leasing, insurance, investment and electronic banking. For more information, please visit www.asia.ccb.com.
ING Group is one of the first integrated financial service providers in the world resulting from a full merger of the largest insurance company in the Netherlands with one of the country's largest banks. Its roots could be traced back to the year 1845 when The Netherlands Insurance Company was established. The Group is active in the fields of banking, investments, life insurance and retirement services in more than 40 countries. With its substantial worldwide experience and over 107,000 employees, ING Group provides a full range of integrated financial services to over 85 million customers globally and has total assets of EUR 1,247 billion*.
Its business operations in Hong Kong include:
Life Insurance - Since its establishment in 1984, ING Life has always been committed to offering customers a comprehensive range of quality insurance products and services. The company's extensive portfolio of insurance products - which includes individual life, medical and employee benefits schemes - is tailored to meet customers' needs throughout the different stages of their lives.
The Macau office, since starting operations in 2000, has been committed to offering a full range of quality insurance products and services to the locals, including life insurance, health benefits, disability insurance and crisis insurance.
General Insurance - Established in 1989, ING General provides quality services and offers most types of non-life insurance products to individuals and businesses in the local market.
Pension Trust - ING Pension Trust is committed to contributing its expertise to provide quality pension trust services to corporate customers.
Financial Planning - Established in 2002, ING Financial Planning is committed to setting the standard as a market leader in Independent Financial Advice, and attracting the best financial advisors in the industry to deliver quality financial planning advice to clients. The customer-centric focus of INGFP ensures that clients receive the best solution from advisors, based on a broad suite of products from many companies.
* Source: ING Group Annual Report 2010
For more information, please visit www.ing.com.hk.
Kreab Gavin Anderson
Tel: +852 2218 9956
Email: [email protected]
China Construction Bank (Asia)
Vice President & Head of Corporate Communications
Planning, Marketing & Communications
Tel: +852 3718 2247
Email: [email protected]
Marketing & Communications
Tel: +852 2850 2997
Email: [email protected]
Source: China Construction Bank (Asia) Corporation Limited
Topic: Loans & Financing
Sectors: Daily Finance
From the Asia Corporate News Network
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