The Henry Sy-led China Banking Corp. (China Bank) has secured an approval from the Bangko Sentral ng Pilipinas (BSP) to allow it to increase its interest in Manulife China Bank Life Assurance Corp (MCBL) to 40 percent from the current 5 percent.
In a statement, China Bank said it received the BSP approval in a letter dated September 26, and hopes that would pave the way for MCBL to use China Bank branches to sell its Manulife life insurance products.
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