Oversea-Chinese Banking Corporation (OCBC Bank) has announced that OCBC Bank (Malaysia) Berhad (OCBC Malaysia) and Great Eastern Life Assurance (Malaysia) Berhad (GELA) have entered into a partnership in the area of bancassurance following the recent liberalization of the financial services sector in Malaysia. This move is also in line with the group’s focus on seeking stronger growth opportunities and deepening market penetration in the country under its New Horizons II strategy.
In this new partnership, OCBC Malaysia will distribute life insurance products developed by GELA, through its 29 conventional banking branches. The range of products selected for distribution will be assessed to ensure that they meet the different lifestyle and life stage needs of the Bank’s retail customers. For a start, OCBC Malaysia will distribute MaxMoney Plus and MaxMoney Back – two insurance products from GELA
Andrew Lee, head of Global Consumer Financial Services, at OCBC Bank, said: “Bancassurance is an important segment of our consumer banking business. By leveraging on our strategic relationship with Great Eastern Holdings to cross-sell products that meet the diverse needs of our customers, we have successfully increased our market share in Singapore over the years, to achieve and maintain our leading bancassurance position.”
