Danamon is the sole issuer and purchaser of American Express® cards in Indonesia under an independent operating agreement allowing it to issue American Express cards to individual companies and businesses. Danamon is also the only bank to offer services to local merchants who accept American Express cards and register new business partners in Indonesia. Ryan Charland, Managing Director and Managing Director of Manulife Indonesia, said: “Danamon remains one of Manulife`s most important bancassurance partnerships in Asia. The renewal of our agreement is proof of the success of these long-standing relationships and a vote of confidence in Indonesia`s long-term economic potential. We are pleased to expand our partnership and provide security to our customers in Indonesia at a time when strength and resilience are more important than ever. The new agreement extends this relationship until 2036 and allows the two leading financial service providers to continue to develop and offer their clients tailored solutions, including pension funds, health protection and Sharia-compliant insurance products. PIyush Gupta, CEO of DBS, said: “Bancassurance is an important point for DBS and an important part of our overall customer benefit. Manulife`s strong customer focus and deep commitment to Asia are consistent with our own vision. We are already working with Manulife in Singapore, Hong Kong and Indonesia and we will soon be their flagship product and their largest bancassurance partner in the world.
Together, we look forward to building on the bancassurance momentum we have gained. This new exclusive life bancassurance partnership will combine DBS`s superior Asian banking franchise with the insurance and asset management skills of Manulife, a global leader with a long-term commitment to Asia. In the four markets, DBS`s 6 million private customers, who are growing, have access to the manulife-quality suite of life and health insurance solutions, thanks to the Bank`s extensive network of more than 200 branches and its salespeople of more than 2,000 professionals, as well as via internet and mobile banking platforms. Pt Bank Danamon Indonesia Tbk (Danamon) and PT Asuransi Jiwa Manulife Indonesia (Manulife) have renewed their bancassurance agreement to better meet the increasingly demanding financial needs of Indonesian individuals, families and businesses. Danamon Bank`s bancassurance business could contribute about 15 percent of its paying revenue in 2012, said Michellina Triwardhany, director of the company`s consumer banking. Since 2011, Danamon and Manulife have jointly offered innovative insurance and asset management solutions.