China CITIC Bank International and FWD Macau to establish first bancassurance partnership in Macau

New partnership set to fulfil customers’ diverse wealth management and legacy planning needs

China CITIC Bank International Limited (“CNCBI”) and FWD Macau (“FWD”) held a launch ceremony announcing the establishment of a bancassurance partnership in Macau to provide a comprehensive suite of insurance products and services to the Bank’s customers, including high-net-worth (HNW) individuals, in Macau.

The partnership marks the first bancassurance collaboration between CNCBI and FWD in Macau. Driven by digital technology, FWD’s customer-led products and services with its innovative and easy-to-understand propositions, will offer CNCBI customers in Macau as well as visitors to the city a seamless insurance experience that is simpler, faster and smoother, helping customers to meet their diverse wealth management and legacy planning needs.

Helen Kan, Executive Director & Deputy Chief Executive Officer, Head of Personal & Business Banking Group, CNCBI, said: “We are excited to partner with FWD in Macau at a time of tremendous business opportunities brought forth by the fast-paced growth of the bancassurance market in Macau and the vigorous development of the Guangdong-Hong Kong-Macau Greater Bay Area. We are impressed by FWD’s creative strategy and innovative suite of product offerings. As customers’ daily lives resume  normal, they will reassess their insurance and protection needs with respect to wealth accumulation, preservation and legacy planning for future generation. This partnership will enrich CNCBI’s bancassurance offerings and create greater value for our customers.”

Ken Lau, FWD’s Managing Director for Greater China and Hong Kong CEO, said, “We are delighted to be CNCBI’s bancassurance partner and support the Bank’s efforts in bolstering its insurance distribution capabilities in Macau. Changing the way people feel about insurance remains the vision that guides our work. With this partnership, we will bring our innovative and digitally-enabled products combined with seamless customer experience to CNCBI customers, as well as visitors to Macau, to help them meet their diverse wealth management and legacy planning needs.”

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About China CITIC Bank International Limited

China CITIC Bank International Limited (“CNCBI”), a major offshore platform of commercial banking business of the CITIC Group, is 75%-owned by CITIC International Financial Holdings Limited (“CIFH”), which in turn is a wholly-owned subsidiary of China CITIC Bank Corporation Limited (“CNCB”).
 
China CITIC Bank International’s footprint in Greater China includes 24 branches and two business banking centres in Hong Kong, as well as presence in Beijing, Shanghai, Shenzhen and Macau, and overseas branches in New York, Los Angeles and Singapore.  

Across a century, China CITIC Bank International has grown together with its employees, customers and partners since 1922 and will continue to move towards its vision of “Agile. Professional. Simple.” in adherence to the 4C (Culture, Customer, Collaboration, Cyberspace) core values while driving actively its missions to “create value for customers, seek happiness for employees, make profit for shareholders, perform responsibility for society”.
 
More information about China CITIC Bank International can be found on its website at www.cncbinternational.com. 

FWD Hong Kong and Macau are part of the FWD Group, a fast-growing pan-Asian life insurer with more than 10 million customers across 10 markets, including some of the fastest-growing insurance markets in the world. FWD is a top 3 life insurer by new business first year premium in Hong Kong*, and a top 1 life insurer by premium growth income in Macau**. 

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 products.

FWD reached its 10-year anniversary in 2023. The company 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.

For more information about FWD Hong Kong and Macau please visit www.fwd.com.hk and www.fwd.com.mo.

* Source: Provisional Statistics on Hong Kong Long Term Insurance Business - January to December 2022, Insurance Authority of Hong Kong. The calculation combines individual and group businesses, and non-bank insurers.  
** Source: Provisional Statistics of Life Insurance in Macau, January to December 2022, Autoridade Monetaria de Macau.