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Hang Seng and Bupa announce 10-year exclusive distribution agreement

Hong Kong,03 Apr 2014

Hang Seng Bank has entered into an exclusive 10-year distribution agreement with international healthcare company Bupa.  Under the agreement, a range of bespoke Bupa medical insurance products and services will be available to Hang Seng personal and corporate customers in Hong Kong and mainland China through the Bank’s branches and direct channels. 

Customers will benefit from access to a unique array of Bupa medical insurance products and services designed to meet a variety of healthcare needs at all stages of life – from preventative and diagnostic care to management of long-term medical conditions such as diabetes and heart disease.

Ms Rose Lee, Vice-Chairman and Chief Executive of Hang Seng Bank, said: “Driving this engagement between Hang Seng and Bupa is a growing demand for health and wealth protection from our customers. As their lifestyles change and as people live longer, more and more customers are seeking increasingly sophisticated healthcare services. By combining our strong wealth management capabilities with Bupa's bespoke medical insurance products and services, we will be able to offer our customers premium wealth and healthcare solutions."

Mr Stuart Fletcher, Chief Executive Officer of Bupa, said: “This agreement brings together two companies who put the customer at the heart of everything they do. It is another important step in fulfilling Bupa’s purpose of longer, healthier, happier lives and delivering on our growth ambitions in Asia. With Hang Seng Bank’s diverse customer base and strong distribution capability alongside Bupa’s exclusive focus on health, we are excited at the prospect of providing more people in Hong Kong and mainland China with access to innovative new healthcare products and services.”

Hang Seng customers who take up the medical insurance products being made available under this collaboration will benefit from Bupa's global network of healthcare providers, which includes over 11,500 hospitals and approximately 750,000 medical professionals in more than 190 countries and territories.

About Hang Seng Bank
Founded in 1933, Hang Seng Bank operates around 220 service outlets serving both personal and business customers. The Bank also maintains branches in Macau and Singapore, and a representative office in Taipei.

Established on 28 May 2007, wholly owned subsidiary Hang Seng Bank (China) Limited operates a mainland China network of 50 outlets in Beijing, Shanghai, Guangzhou, Shenzhen, Fuzhou, Nanjing, Dongguan, Hangzhou, Ningbo, Tianjin, Kunming, Xiamen, Chengdu, Foshan, Zhongshan, Huizhou, Zhuhai, Jiangmen and Shantou.

With total assets of HK$1,143.7 billion as at the end of 2013, Hang Seng Bank reported a profit attributable to shareholders of HK$26,678 million for 2013. Hang Seng Bank is a principal member of the HSBC Group, one of the world’s largest banking and financial services organisations. For further information on Hang Seng Bank, please visit the Bank's website at www.hangseng.com.

About Bupa

Bupa began in the UK in 1947. We fund healthcare around the world and run clinics, hospitals, dental centres, care homes, and more. With no shareholders, we reinvest our profits to provide more and better healthcare for customers.  
 
Bupa is UK’s largest health insurer.* In Hong Kong, we are known as the health insurance specialist. We have gained the trust of more than 400,000 individuals, and 3,200 companies including major corporations in public utility and telecom industry. The Hong Kong government recommends Bupa as the provider of quality health insurance for civil servants for more than 20 years in a row. 
 
Bupa also provides primary care services through Quality HealthCare Medical Services (QHMS), one of Hong Kong’s largest private clinic networks. 
 
* Source: Laing Buisson Health Cover UK Market Report 13th Edition, published 16 January 2017, in terms of market share among private medical insurance providers
 

 

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