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Canada Manulife Financial has approached Singaporean bank DBS. Both groups signed an agreement allowing the North American insurer to exclusively distribute its products through 200 branches of DBS on the entire Asian continent.
Internet platforms for bank's sales will also be involved. This partnership will take effect on 1 January 2016 for a period of 15 years. It provides for the payment, by Manulife Financial , of a lump sum worth 1.2 billion USD to DBS.
Further payments, based on performance achieved, may be added to that amount. Manulife Financial is the 6 th Global life insurer in terms of premiums. Its presence in Asia where it has 6 million customers dates back to 118 years.