Allianz PNB Life and HSBC Wealth have agreed to make their distribution partnership exclusive for 14 years, in collaboration with Allianz SE (Singapore).
The exclusivity covers the distribution of life insurance products to HSBC customers in the Philippines. The partnership is expected to generate opportunities for the two firms, including the introduction of new and improved products and digital tools, as well as providing extra training and support to their staff.
"We are delighted to expand our partnership with HSBC, and look forward to exponential growth in reaching more customers," Allianz PNB Life Chief Executive Officer Joe Gross said in a statement.
For his part, HSBC Wealth Vice Chairman Peter Faulhaber said they were happy to further strengthen their partnership with Allianz, noting this would provide customers with a wide range of products and services to meet their everyday needs.
"Valued customers will benefit from personal and holistic wealth management services available through relationship managers in Wealth Hubs and Digital channels," Mr Faulhaber added.
HSBC Wealth is locally incorporated as HSBC Investment and Insurance Brokerage, Philippines Inc. Allianz PNB Life and HSBC first started their partnership in 2017 when the former signed an insurance distribution deal with HSBC Insurance Brokers (Philippines).
Allianz PNB Life is a subsidiary of German multinational financial services firm Allianz SE and an affiliate of listed Philippine National Bank (PNB).