The Philippine American Life and General Insurance Company (Philamlife) has agreed to acquire a 51% stake in Makati City, Philippines-based Ayala Life Assurance (Ayala Life), a subsidiary of Bank of the Philippine Islands (BPI). Philamlife, the country’s largest insurer, said Ayala Life will serve as a platform for a strategic bancassurance partnership with BPI, which has 800 branches throughout the Philippines. AIA Group President and CEO Mark Wilson said, “The joint venture can leverage on the bancassurance expertise of Philamlife and AIA, as well as BPI’s leading retail banking franchise in the Philippines.” BPI Chairman Jamie Augusto Zobel de Ayala said, “The partnership has a potential to create a very strong combination and an institution with a tremendous market reach.” Hong Kong-based AIA Group’s plan to acquire Philamlife is awaiting regulatory approval.
Monday, December 14, 2009
PHILAMLIFE TO BUY 51% OF BPI’S AYALA LIFE FOR BANCASSURANCE PLATFORM IN PHILIPPINES
The Philippine American Life and General Insurance Company (Philamlife) has agreed to acquire a 51% stake in Makati City, Philippines-based Ayala Life Assurance (Ayala Life), a subsidiary of Bank of the Philippine Islands (BPI). Philamlife, the country’s largest insurer, said Ayala Life will serve as a platform for a strategic bancassurance partnership with BPI, which has 800 branches throughout the Philippines. AIA Group President and CEO Mark Wilson said, “The joint venture can leverage on the bancassurance expertise of Philamlife and AIA, as well as BPI’s leading retail banking franchise in the Philippines.” BPI Chairman Jamie Augusto Zobel de Ayala said, “The partnership has a potential to create a very strong combination and an institution with a tremendous market reach.” Hong Kong-based AIA Group’s plan to acquire Philamlife is awaiting regulatory approval.
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