Citibank and Sino-U.S. MetLife Insurance Company Limited have announced the launch of a new insurance offering in Beijing, the Wealth Selected Protection Plan (B).
The new offering has been designed specifically to meet the needs of Citibank's customers. The launch sees Citibank become the first foreign bank to sell investment unit-linked insurance in Beijing.
Anand Selvakesari, executive vice president of Citibank (China) Co., Ltd., said, "Citibank is delighted to be the first foreign bank in Beijing to sell investment linked insurance from Sino-U.S. MetLife. We aim to ultimately look after all the wealth management needs of our customers over their entire life cycle, and we view the launch of Wealth Selected Protection Plan (B) as an important one that provides our customers in China with a new investment option."
The Wealth Selected Protection Plan (B) is comprised of funds solutions from fund management companies selected by Sino-U.S. MetLife, following a rigorous selection process. The product is designed to act as an investment vehicle, allowing customers to invest capital while enjoying financial protection.
Customers can either choose or build a portfolio on their own from 3 baskets of funds, namely "Money Market", "Balanced" and "Equity", depending on their investment horizon and risk appetite. The product requires a minimum subscription of 100,000 Renminbi.
The Wealth Selected Protection Plan (B) was launched in China after extensive development and preparation. The offering is unique to Citibank, and was tailor-made to meet the needs of Citibank's customers. It is available to Chinese nationals too since Citibank Beijing has received regulatory approval to offer local currency services to local residents.