Citibank (China) Co., Ltd. ("Citibank") and Sino-US MetLife
Insurance Company Limited yesterday announced the launch of a new
insurance offering in Beijing, the Wealth Selected Protection Plan
(B). The new offering has been designed specifically to meet
the needs of Citibank’s customers. The launch sees Citibank
become the first foreign bank to sell investment unit-linked
insurance in Beijing.
Mr. Anand Selvakesari, Executive Vice President of Citibank
(China) Co., Ltd., said, "Citibank is delighted to be the first
foreign bank in Beijing to sell investment linked insurance from
Sino-US MetLife. We aim to ultimately look after all the
wealth management needs of our customers over their entire life
cycle, and we view the launch of Wealth Selected Protection Plan
(B) as an important one that provides our customers in China with a
new investment option."
Mr. Brent Bell, General Manager of Sino-US MetLife, noted, "The
Bank insurance business in China is an emerging area with a very
promising future. Sino-US MetLife is pleased to be partnering
closely with Citibank to provide life insurance products to
Citibank’s customers. Leveraging from MetLife’s nearly
140-year history, and experience in serving nearly 70 million
customers worldwide, Sino-US MetLife is committed to providing
superior customized protection and investment products to
Citibank’s customers."
The Wealth Selected Protection Plan (B) is comprised of funds
solutions from fund management companies selected by Sino-US
MetLife, following a rigorous selection process. The product
is designed to act as an investment vehicle, allowing customers to
invest capital while enjoying financial protection.
Customers can either choose or build a portfolio on their own
from 3 baskets of funds, namely "Money Market", "Balanced" and
"Equity", depending on their investment horizon and risk
appetite. The product requires a minimum subscription of
100,000 yuan.
The Wealth Selected Protection Plan (B) was launched in China
after extensive development and preparation. The offering is
unique to Citibank, and was tailor-made to meet the needs of
Citibank’s customers. It is available to Chinese nationals too
since Citibank Beijing has received regulatory approval to offer
local currency services to local residents.
(China.org.cn June 22, 2007)
