Debevoise & Plimpton is advising Standard Chartered as it enters into a 15-year distribution partnership with Manulife, providing Manulife the exclusive right to offer its Mandatory Provident Fund (MPF) product to Standard Chartered’s customers in Hong Kong. Manulife will also acquire Standard Chartered’s existing MPF and Occupational Retirement Schemes Ordinance (ORSO) businesses, and the related investment management entity.
The transaction is expected to close in the first half of 2016, subject to the receipt of relevant regulatory approvals.
MPFs are compulsory pension saving schemes for residents in Hong Kong.
Standard Chartered is a leading international banking group, with more than 86,000 employees and a 150-year history.
Manulife Financial Corporation is a leading international financial services group, operating as John Hancock in the United States and Manulife elsewhere. At the end of 2014, Manulife had 28,000 employees and served 20 million customers.
In a similar transaction, Debevoise previously advised AXA on the sale of it’s MPF business in Hong Kong to the Principal Financial Group for HK$2.6 billion; a transaction which closed on September 1st, 2015.
The Debevoise team advising Standard Chartered is led by partner E. Drew Dutton and associate Edwin Northover, and includes associates Jayne So and Danielle de Zorzi. Tax advice is being provided by partner Richard Ward, assisted by associate Ceinwen Rees.
Debevoise & Plimpton LLP is a premier law firm with market-leading practices, a global perspective and strong New York roots. We deliver effective solutions to our clients’ most important legal challenges, applying clear commercial judgment and a distinctively collaborative approach.