Exclusive | Manulife doubling down on rich mainland Chinese customers, to open new Hong Kong prestige centre and invest in digital tools, CEO says
- Insurer’s prestige customer centre in tourist hotspot Tsim Sha Tsui will cater to high-net-worth individuals
- Insurer plans to invest US$459 million in Asia in a three-year period ending this year
The insurer will open the centre in tourist hotspot of Tsim Sha Tsui this quarter to cater to high-net-worth individuals. The new, more than 5,000 sq ft facility will be close to its first, 10,000-plus sq ft centre at Gateway.
“It shows the scale of the increase that we are seeing in mainland customers’ demand,” Manulife Asia’s Phil Witherington said in an interview with the Post.
Manulife joins the ranks of HSBC, Standard Chartered Bank, Prudential and Sun Life, who have in the past two years expanded luxury customer centres where their agents or brokers meet wealthy customers for the sale of insurance and wealth-management products.
Witherington relocated from Canada to Hong Kong last month to take up the role of Asia CEO. He was formerly chief financial officer at Manulife and replaced Damien Green, who has become chair of Manulife Financial Asia and will help develop the insurer’s Asia strategy.
The full reopening of China’s border with Hong Kong on January 8 was a boost for Manulife, which saw Hong Kong sales double in the second quarter to HK$2.1 billion (US$267.9 million) as mainland customers returned to buy products to hedge against the risks of a falling yuan. China’s currency has weakened by more than 5 per cent against the US dollar this year.
