If these unfortunate events happen, the insurance proceeds can cover their outstanding loan balance, and any excess proceeds will be given to their respective beneficiaries,' said Rob Wyld, president and chief executive officer of MCBL.
For its part, MCBL is 40-percent owned by CBS' parent bank China Bank.
The MCBL partnered with a number of organizations to move from an AR 5-5 study proposal to a working prototype in under 3 years.
In Fiscal Year (FY) 2013, the MCBL worked hand-in-hand with the Department of the Army (DA) Staff to formulate an AR 5-5 study focused on meeting the needs of Army commanders.
MCBL provides China Bank clients with exclusive insurance and investment solutions to address their needs.
We believe that the spin-off of
MCBL will enhance value for our shareholders by allowing each company to focus on maximising its own distinct opportunities.
In addition to the bancassurance fees from the commission on Bank referred business, the Bank's revenue benefit from the income earned by
MCBL from the joint venture will also increase," said Chinabank.
The
MCBL, with support from the CGSC, executes two to three seminars each year, soliciting operational feedback from CGSC faculty, students, and staff.
MCBL would be led by John C Smythe, who has served as president and CEO of Michigan Commerce Bank since March 2009.
Through this collaboration and process simultaneity, the
MCBL is working to improve acquisition timelines and get capabilities to soldiers faster.
The 5-percent initial stake acquired by China Bank in
MCBL in 2007 was only the minimum equity ownership needed by banking regulators to allow bancassurance activities or the cross-selling of insurance products.
China Bank expects about P250 million in fee revenues from
MCBL this year, according to Alex Escucha, head of the bank's corporate planning and investor relations group.
