EASTWEST Banking Corp. recently signed a joint-venture agreement with
Ageas Insurance International NV (Ageas) to establish a new
life insurance company to be called “EastWest Ageas Life.”
The JV will be a start-up company, in which EW Bank and Ageas will both have an equal shareholding of 50 percent. It was further agreed that EW Bank and EastWest Ageas
Life will enter into a 20-year exclusive distribution agreement.
The goal is to build the premier
bancassurance business in the Philippines offering tailor-made insurance solutions to the customers of EW
Bank supported by high-quality service and state-of-art technology.
The
insurance business will benefit from
EastWest Bank’s fast growing customer base. With more than 400 branch stores, the bank has the seventh-largest distribution network among banks in the Philippines. Ageas will contribute its proven bancassurance skills and best practices from its successful businesses in Asia and Europe.
“We have always viewed bancassurance as an integral part of our business model. We see it as a necessary ingredient to have complete product offerings for the
financial services needs of our target market segments. Specifically, the consumer and middle-market corporate segments. We are pleased to partner with
Ageas, one of the major
insurance providers in the world.
In Ageas, we are comfortable that we have a common set of objectives and aligned philosophy on how to conduct business and best serve our customers. For us, alignment is most important. This is why we have always preferred a JV arrangement,” Tony C. Moncupa, president and CEO, said.
