Yangon, 9th February 2020 – uab bank announced today that it has entered into a memorandum of understanding for Manulife Myanmar to exclusively offer a range of life insurance products to the bank’s growing network of customers across Myanmar.
The partnership between uab bank and Manulife will help meet Myanmar’s rising demand for life insurance solutions that protect people’s health, manage their savings, and plan for their retirement. Both companies share a commitment to improving the lives of people and their communities, nurturing talent, and creating employment opportunities for Myanmar’s people. The partnership will also support the growth of local financial infrastructure, paving the way for more robust social and economic development.
Christopher Loh, Managing Director and Chief Executive Officer, uab bank said, “Entering into this MOU with Manulife – one of the world’s biggest life insurers, whose commitment to Asia has been demonstrated for more than a century – is a milestone for uab bank. Aside from representing a major opportunity to serve our customers with a wide range of world-class insurance products, it advances our mission to empower the communities in which we operate and improve the lives of millions of Myanmar’s people.”
Robert Elliott, Chief Executive Officer, Manulife Myanmar, said, “We are tremendously excited to be taking this important step towards returning to Myanmar and preparing to serve our customers and communities in the country. Offering our health, wealth protection and life insurance solutions to uab bank’s expanding customer base represent a partnership that will help Myanmar families build a healthier and better financial future, allowing them to enjoy a peace of mind.”
uab bank and Manulife also took the opportunity to point out the role of innovation in their partnership, underlining their shared belief in a “human-centered” approach to increasing digitisation in the banking and insurance industries, seeking to make financial decisions simpler and easier, and making people’s lives better through continued innovation.
About uab bank
uab bank is a leading bank in Myanmar. Recognised for its successful transformation and leadership in the Myanmar banking sector amidst the regulatory changes and governance requirements, uab bank was named ‘Myanmar’s Best Bank‘ by Euromoney, ‘Mid-sized Domestic Retail Bank of the Year‘ by Asian Banking & Finance, and was ranked No.1 in Corporate Governance Disclosure by TiME Pwint Thit Sa Report published by the Myanmar Centre for Responsible Business.
Established in 2010, uab bank serves customers from a growing network of over 78 branches in 47 townships across Myanmar. uab provides a wide range of financial services including consumer banking, premier banking, SME banking, corporate banking, trade finance and treasury services. Through our subsidiary, uab securities, we also provide brokerage services, corporate and financial advisory, investment banking and capital market activities.
At uab bank, we believe in leading the way towards a better Myanmar, humanising banking, connecting people, creating opportunities and changing lives. In December 2017, uab launched “Be The Change Myanmar” initiative that represents our commitment to driving change for a better Myanmar, specifically focusing on empowering women and children. We believe uab must operate responsibly and be committed to the community we are in.
For more information, please visit our website: https://www.uab.com.mm
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