Philippines' China Banking Corp. wants to raise stake in bancassurance arm

Bancassurance partly contributed to miscellaneous income previously.

Philippine-based China Banking Corp has disclosed its plans to increase its stake in bancassurance subsidiary Manulife China Bank Life Assurance Corp to 40 percent from 5 percent.

According to a research note from Maybank Kim Eng, bancassurance contributed 27 percent to China Banking Corp's PHP1.1b miscellaneous income in FY13.

The report also noted that, similarly, China Banking Corp plans to purchase 246 shares of its thrift bank unit China Savings, of which it currently owns 95.25 percent. Other details have yet to be disclosed.