On July 5, 2021, The Bank of East Asia (China) Limited ("BEA China") announces to commence the 15-year exclusive bancassurance partnership with AIA China with the launch of the first series of life insurance products covering retirement and education planning and asset inheritance. Mr. Eric Yip, General Manager & Head of China Division of The Bank of East Asia Limited (“BEA”), Mr. Montgomery Ho Shun-wah, Executive Director & Chief Executive of BEA China, Mr. Fisher Zhang, Chief Executive Officer of AIA China, Mr. Li Qian, Chief Multichannel Officer of AIA China and other management representatives of both sides jointly attended the launch ceremony.
At the launch ceremony, Dr. Eric Yip expressed: “Both BEA and AIA have boasted a long history over a century and both have started to expand their businesses in the Chinese mainland at the beginning of last century and maintained long-term and steady development in the market. I hope that through this partnership, we can further utilize the advantages of both sides, mutually share resources, and actively seize the new historical opportunities of the development of the Guangdong-Hong Kong-Macao Greater Bay Area (“GBA”) to jointly provide diversified and comprehensive cross-border financial services for mainland customers, especially those in the GBA area."
Mr. Montgomery Ho Shun-wah said: “We are very glad that BEA China and AIA China have officially commenced the exclusive bancassurance partnership with adherence to our Customer Focus service concept. BEA China has enjoyed strong distribution channels and vast customers base in the mainland market, while AIA China has rich and diversified products and insurance professionalists. Our in-depth cooperation is complementary and can help both sides to leverage the advantages of each other.” At the same time, Fisher Zhang, said: "In the critical period of high quality development transformation of the industry, AIA China’s commencement of the 15-year exclusive bancassurance partnership with BEA China fully reflects our firm determination in development of the bancassurance channel. In the future, we will continue to adhere to our excellent bancassurance development strategy to rely on the great customer base and network of BEA China to provide more target customers with high-quality wealth management and health protection services. "
BEA is a leading Hong Kong- based financial services group. It is listed on the stock exchange of Hong Kong and has been committed to providing a wide range of banking services to its customers. As a wholly-owned subsidiary of BEA in the Chinese mainland, BEA China operates one of the largest networks of any foreign bank. Especially in the GBA, BEA has enjoyed strong network advantage, covering all of the “9+2” cities in the area. Leveraging its deep insight into the mainland market as well as BEA’s rich experience in Hong Kong and Macao, etc., BEA China has been offering excellent comprehensive financial services and high-quality cross-border investment experience for customers in mainland, especially in the GBA, and steadily accumulating high net worth customers.
By combining BEA China’s advantages of extensive distribution channels and vast customer base with that of AIA China's high-quality product matrix and professional bancassurance team, the partnership will benefit both sides for further exploring the high net worth customer market in mainland. In addition, both sides will also develop cooperation in digital operation and digital bancassurance channels in facing of the digital era. Since early July 2021, the exclusive bancassurance partnership will commence in Shanghai, Beijing, Shenzhen, Guangzhou, Zhuhai and Suzhou. In the future, it will be further expanded to other mainland cities where BEA China operates.