11 April 2022 | Hong Kong
Deepen strategic collaboration to provide holistic wealth management services and protection to the Greater Bay Area communities
CMB Wing Lung Bank Limited (“CMB Wing Lung Bank”) and FWD Insurance (“FWD”) announced that they have entered into a bancassurance partnership in Macau to provide insurance products and services to the extensive base of CMB Wing Lung Bank’s customers in the city.
The new bancassurance partnership will further strengthen CMB Wing Lung Bank’s insurance distribution capabilities in Macau through the offering of long-term protection and wealth management solutions to banking customers. Connected with CMB Wing Lung Bank’s broad base of local and visiting customers in the city, FWD will also be able to serve their insurance and protection needs especially in wealth management and legacy planning where keen demands are observed. The strategic partnership also provides competitive advantage to both companies in capturing the vast opportunities in the fast-growing market of the Guangdong-Hong Kong-Macau Greater Bay Area (“GBA”).
Li Qi, Deputy General Manager of CMB Wing Lung Bank, said: “We’re pleased to have FWD as our Macau bancassurance partner as the integrated development of the GBA opens up huge opportunities for wealth management business across the GBA markets. The new partnership with FWD will enrich our insurance products and service scope for Macau residents who constantly look for more innovative and comprehensive options. We believe the partnership will also further strengthen CMB Wing Lung Bank’s advantage in GBA cities.”
Ken Lau, FWD’s Managing Director for Greater China and Hong Kong CEO, said: “We’re delighted that CMB Wing Lung Bank has chosen us to be their trusted partner as they expand their insurance offerings in Macau. This partnership aligns with our commitment to provide timely and tailored insurance services to customers while paving the way for us to serve even more GBA communities in future.” Ken added, “We look forward to changing the way people feel about insurance in Macau and beyond through this exciting partnership.”
– Ends –
About CMB Wing Lung Bank
CMB Wing Lung Bank (formerly known as Wing Lung Bank), founded in 1933, is among the oldest local Chinese banks in Hong Kong. Following its motto of “Progress with prudence, service with sincerity”, the Bank has been evolving and contributing to the socio-economic development with great effort. Putting customers at the heart of the business, the Bank provides comprehensive banking services, including retail, private banking and wealth management, corporate finance, etc. Through its wholly owned subsidiaries, the Bank also provides asset management, insurance agency and general insurance services. At present, the Bank has over 30 banking business outlets and CMB Wing Lung Private Banking Centre in Hong Kong, its service outlet network also covers mainland China, Macau and overseas. The Bank owns a staff force of more than 2,000 people.
China Merchants Bank Co., Ltd. (CMB), the parent company of CMB Wing Lung Bank, is China's first joint-stock commercial bank wholly owned by corporate legal entities. In 2008, CMB Wing Lung Bank was acquired by CMB. In 2021, CMB ranked 14th on the list of “Top 1,000 World Banks 2021” released by The Banker (UK). CMB also received the award of the “Best Bank in China” by Euromoney for 3 consecutive years, in addition, it was also awarded the “Best Wealth Management Bank in China” in a row at the ceremony organized by Asian Banker.
For more information about CMB Wing Lung Bank, please visit the Bank’s website at www.cmbwinglungbank.com.
About FWD Hong Kong & Macau
FWD Hong Kong & Macau are part of the FWD Group, a pan-Asian life insurance business with more than 10 million customers across 10 markets, including some of the fastest growing insurance markets in the world.
FWD Hong Kong has been assigned strong financial ratings by international agencies. It offers life and medical insurance, employee benefits, and financial planning. FWD Macau provides a suite of life and medical insurance.
FWD is focused on making the insurance journey simpler, faster and smoother, with innovative propositions and easy-to-understand products, supported by digital technology. Through this customer-led approach, FWD is committed to changing the way people feel about insurance.