WATERLOO, ON, Sept. 13 2006 – Manulife Bank will expand its Canadian banking operations to Halifax effective January 1, 2007, with long-term plans to employ 150 people there during the next five years.
About a dozen bank service representatives and administrative staff will initially work at Manulife Bank’s Halifax office complex on Joseph Howe Drive, the first Manulife Bank office operation beyond its Canadian Division head office in Waterloo, Ontario. Manulife Bank is unique to the financial services industry as its products are offered to clients exclusively through financial advisors.
“Manulife Financial has been continuously committed to a significant presence in Halifax and we see this as a logical place to add to our operations, especially given rapid growth of Manulife Bank in recent years,” says J. Roman Fedchyshyn, President and CEO of Manulife Bank of Canada.
“This is great news,” said Rodney MacDonald, Premier of Nova Scotia. “Today’s announcement demonstrates the quality of our workforce, as well as the strength of our economic development initiatives. It also reinforces to Canada and the rest of the world what a great place Nova Scotia is to do business.”
Long-term plans call for about 30 employees to be added annually through 2011 in Halifax, based on staff requirements to handle additional business. “We’ve seen strong growth at Manulife Bank to more than $7 billion in assets under management – now Canada’s eighth largest domestic bank – partly because we’re very different from traditional banks and other virtual banks.”
“We provide all of our products to clients through a partnership with financial advisors across Canada. Manulife Bank’s philosophy is that banking is a cornerstone in a person’s overall financial plan and advisors can assist clients in integrating banking into their portfolio.” Mr. Fedchyshyn added.
Since its inception in 1993, Manulife Bank has grown from a team of 20 employees to its current roster of more than 200. Waterloo will remain its head office location, supported by its new Halifax operations.
The bank also has a team of more than 100 Banking Consultants across the country to help clients set up a Manulife One Account, which combines the client’s mortgage, short-term savings, and income into a single account.
Currently, the Bank has more than $7 billion in assets under management, reflecting rapid growth in its Manulife One mortgage product, Investment Loans and other competitive bank accounts.
For more information on the bank and its products, please visit www.manulifebank.ca
About Manulife Bank of Canada
Manulife Financial established Manulife Bank of Canada in 1993 as the first federally regulated bank to be opened by a life insurance company following Canada’s financial reform legislation of 1992.
Manulife Bank was created to support the sale of the parent’s core products and assist financial advisors in providing fully integrated financial plans to their clients. Today, Manulife Bank is Canada’s eighth largest domestic bank with more than $7 billion in assets, serving clients across Canada in all provinces and territories. To see Manulife Bank’s most recent financial statement, visit the OSFI website at www.osfi-bsif.gc.ca.
About Manulife Financial
Manulife Financial is a leading Canadian-based financial services group serving millions of customers in 19 countries and territories worldwide. Operating as Manulife Financial in Canada and Asia, and primarily through John Hancock in the United States, the Company offers clients a diverse range of financial protection products and wealth management services through its extensive network of employees, agents and distribution partners. Funds under management by Manulife Financial and its subsidiaries were Cdn$370 billion (US$332 billion) as at June 30, 2006.
Manulife Financial Corporation trades as ‘MFC’ on the TSX, NYSE and PSE, and under ‘0945’ on the SEHK. Manulife Financial can be found on the Internet at www.manulife.com.
