Hang Seng Bank (HK:0011) has released an update.
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Hang Seng Bank has entered into a 15-year Exclusive Distribution Agreement with HSBC Life, making HSBC Life the sole provider of medical insurance products to Hang Seng Bank’s customers in Hong Kong. The deal, which includes commissions and other payments within set annual caps, does not require independent shareholder approval as it falls within specific reporting and review guidelines. This strategic partnership leverages Hang Seng Bank’s distribution channels to enhance its insurance offerings.
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