American International Assurance Company, Limited (AIA) announced today in Beijing that it has signed a long term strategic partnership agreement with Industrial and Commercial Bank of China Limited (ICBC). According to the agreement, both AIA and ICBC will be able to fully leverage their expertise in their respective fields and jointly develop the bancassurance business in mainland China.
Under the principles of “Integrity, Reciprocity and Sustainability”, AIA and ICBC will work closely in bancassurance and a wide range of banking areas including bank deposits, asset management, cash management, investment banking, e-banking, credit cards, customer services, fund raising, credit lending and staff training.
Mark Tucker, AIA Group Executive Chairman and Chief Executive Officer Designate and Jiang Jian Qing, ICBC Chairman attended the signing ceremony. Mark Tucker said: “AIA’s roots in the Asia Pacific are long and deep. In particular, we have very special ties to China because our founding company began in Shanghai more than 90 years ago. We believe the cooperation with ICBC will further strengthen AIA’s business developments in China and give us the opportunity to continue to offer innovative products and services to meet the protection and savings needs of the people of China.”
“By leveraging the core strengths and expertise of AIA and ICBC, together we aim to build a strong foundation and platform to help us take full advantage of the rapid development in China’s
bancassurance business. Specifically, AIA will work jointly with ICBC in areas such as sales and marketing system, product innovation, service quality, technological advancement and sustainable profitability,” Mark Tucker continued.
