Linklaters advises on Manulife's acquisition of the Hong Kong pension business of Standard Chartered Bank
Linklaters has advised Manulife on its acquisition of the Hong Kong pension business of Standard Chartered Bank, which consists of two Mandatory Provident Fund (MPF) schemes and one Occupational Retirement Scheme Ordinance scheme, as well as an asset management company. Upon closing, Manulife and SCB will enter into a 15 year Distribution Agreement for SCB to distribute Manulife's MPF products in Hong Kong. Manulife is the second biggest MPF provider in Hong Kong by assets under management.
The deal was lead by partner, Matthew Middleditch and managing associate, Penny Barsha.
In commenting on the deal, Mr Middleditch said “the Hong Kong MPF market is experiencing significant consolidation, encouraged by the regulator, the MPFA, which aims to decrease costs for the MPF customers. This deal is one of a number expected during the next couple of years and demonstrates Linklaters' strength in the Asian insurance market.”
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