KUALA LUMPUR (Sept 28): Malayan Banking Bhd (Maybank)’s indirect 68.3%-owned subsidiary Etiqa Life and General Assurance Philippines Inc (Etiqa Philippines) will form an insurance distribution partnership with the Philippine Bank of Communications (PBCOM) under an exclusive partnership that will allow PBCOM to distribute Etiqa’s life and non-life insurance products to PBCOM clients.
“PBCOM to enter into an insurance distribution partnership with Etiqa Philippines, subject to regulatory approvals,” PBCOM said in a filing with The Philippine Stock Exchange on Wednesday (Sept 28).
PBCOM said the proposed partnership agreement with Etiqa Philippines will involve two phases, comprising a six-month pilot phase followed by a 15-year regular phase.
According to PBCOM, the regular phase will commence upon completion of the pilot phase.
“Etiqa Philippines provides a wide range of group life and general insurance, group medical benefits, individual life and non-life, and variable products that cater to various protection, savings and investment needs across all market segments.
“It is also one of the leading providers of group health insurance, with over 1,600 accredited hospitals and clinics nationwide, 30,000 doctors and a 24/7 in-house call centre,” PBCOM said.
Founded in 1939, PBCOM said the bank has its roots in Manila’s Binondo district and that the bank now operates 95 branches across the Philippines.
According to Etiqa’s website, Maybank via its 100%-owned subsidiary Etiqa International Holdings Sdn Bhd owns a 68.3% stake in Etiqa Philippines.
“We offer a full range of life and general conventional insurance products, as well as family and general takaful plans across multiple distribution channels, through our presence in Malaysia, Singapore, the Philippines, Indonesia and Cambodia,” Etiqa said.
At Bursa Malaysia on Wednesday, Maybank’s share price dipped one sen or 0.12% at 3:43pm to RM8.56, which gives Maybank a market capitalisation of about RM102.55 billion.
Maybank’s latest-reported number of outstanding shares stood at 11.98 billion, according to Maybank’s Bursa filing on Tuesday (Sept 27).