The Canadian insurer and financial services provider will expand operations on the mainland to capture growing demand.
Manulife is making plans to expand its local market share while tapping into new opportunities in China's Greater Bay Area, Damien Green, chief executive officer for Manulife Hong Kong and Macau said at a media briefing on Wednesday, «Bloomberg» reported.
The firm is banking on Mainland Chinese tourists in Hong Kong when virus restrictions ease, and will be building customer service centres in the Greater Bay Area to cater to them, including the 7,300 square foot Manulife Prestige Center located in Tsim Sha Tsui.
«Hong Kong is the premier destination for mainlanders seeking health and retirement insurance solutions,» Green said (behind paywall).
More Asian Business
According to the firm, it wants to grow its Asian insurance and wealth business to 50 percent of the company earnings by 2025.
Like other global firms, Manulife has been capitalizing on opportunities from mainland China’s financial market opening for foreign participants. Manulife has an asset management joint venture and runs a majority-owned insurance joint venture in China.
Earlier this year, the firm's investment management arm hired a China head of wealth and asset management and a managing director of institutional business covering Greater China, both newly created roles.
