Manulife (International) has entered into a strategic bancassurance deal with the Industrial and Commercial Bank of China (ICBC (Macau)).

The strategic agreement will allow Manulife to distribute its life and medical insurance plans, as well as retirement solutions, to customers of ICBC (Macau).

As part of the deal, Manulife will market its range of products through the bank’s 17 branches and four wealth management centers, effective 10 September 2014.

The partnership will enable Manulife to build, protect and enjoy wealth for a good quality of retirement life.

Michael Huddart, executive vice president and general manager for Greater China, Manulife, said: "There will be an increasing need for retirement planning and we see a lot of potential for future growth. The strategic partnership demonstrates our commitment to meeting the emerging needs of Macau customers for life protection, wealth accumulation and retirement planning."

Jiang Yisheng, CEO of ICBC (Macau), said: "The new strategic partnership has combined the respective strengths of both companies – our extensive branch network and professional banking and wealth management services and Manulife’s diversified insurance portfolios and its expertise in financial planning and retirement."