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FINANCIAL SERVICES | Staff Reporter, Hong Kong

FTLife inks three-way deal for business expansion

It is in partner with Cinda Hong Kong and NCB.

FTLife Insurance Company Limited is pleased to announce that it has entered into a strategic cooperation agreement with China Cinda (HK) Holdings Company Limited and Nanyang Commercial Bank Limited.

Through this mutually beneficial collaboration, all parties agreed to explore opportunities to expand business in investment, cross-selling, and financial services.

Chairman of FTLife, Fang Lin said, “This strategic cooperation will fully utilize the competitive advantages of FTLife and the strengths in financial services of Cinda Hong Kong and NCB, based on the business development needs of all three parties, explore mutually beneficial expansion plan.

At the same time, the cooperation will bring even more quality and convenient insurance services to customers.” Regional CEO & CEO of FTLife, Lennard Yong added, “This synergy will help us expand our scope of services, strengthen our distribution and servicing platform, and to generate sustainable and substantial returns for our policyholders. This is an example of the opportunity that Hong Kong with its excellent financial infrastructure to bring a formidable Chinese financial services together with an aspiring new China based international life insurance seeking to expand its business platform."

China Cinda Asset Management Co Ltd (“China Cinda”), the parent company of Cinda Hong Kong, has been listed on the Stock Exchange of Hong Kong in 2013. As the offshore business platform of its parent company, Cinda Hong Kong leverages the financial expertise of the group to engage in onshore and offshore sub-standard asset management, equity investment, debt investment, securities trading, middle-to- long term bond issuance, quality asset and structured fixed income investment, as well as cross-border financial services.

Incorporated in Hong Kong in 1949, Nanyang Commercial Bank is a well-established local licensed bank widely-recognised for its brand image and quality services. In addition to a well-developed network in the territory, it operates 39 branches in 16 provinces and cities in China, providing a broad range of banking services to customers. NCB is a wholly-owned subsidiary of China Cinda.

According to the agreement, the three entities will arrange visits of the senior management, enhance communication, and form strategic collaboration task force to explore and implement various projects.

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