Clifford Chance and Picazo Buyco Tan Fider & Santos have advised EastWest Bank on the establishment a $65 million life insurance joint venture in the Philippines with Ageas, which was represented by Ashurst and Castillo Laman Tan Pantaleon & San Jose.
The JV, called EastWest Ageas Life will be a start-up company. Under the terms of the deal, EastWest Bank and EastWest Ageas Life will enter into a 20-year exclusive “bancassurance” distribution agreement. Ageas will contribute capital and funding in the initial 12 months for an estimated amount of US$65 million.
The Clifford Chance team was led Hong Kong partner Amy Ho, with London partner Clare Swirski assisting on the bancassurance agreement.
