Canada’s Manulife Financial has entered the
Cambodian market by opening a head office in Phnom-Penh.
Manulife Cambodia employs around 40 staff
including local and foreign financial professionals.
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During the official opening of the Manulife
(Cambodia’s) head office, Davis Wong, senior vice President and
chairman of Manulife (Cambodia), said: “The company sees the
potential of Cambodia, with a population of about 15 million and an
emerging middle class, as a growth area in the ASEAN
countries.”
Bob Cook, senior executive vice president and
general manager for Asia at Manulife also thanked the Cambodian
government for their support in opening the head office.
Having entered Cambodia, Manulife will now
have a presence in eleven Asian markets, including China, Japan,
Indonesia and Thailand.
Manulife’s focus on Cambodia follows the news
in September 2011 reported by Life Insurance International
that Cambodia was to get its first dedicated life insurance
company; a joint venture between the government and four Asian
insurers.
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By GlobalDataIn 2011, Manulife’s recorded net income of
C$129m compared to a net loss of C$1.66bn in 2010.
In Q4 2011, it also completed a new
bancassurance strategic partnership with Bank Danamon
Indonesia.
