KUALA LUMPUR (June 13): Alliance Bank Malaysia Bhd has signed a 10-year bancassurance agreement with Manulife Insurance Bhd.

In a statement to the bourse, Alliance Financial Group Bhd (AFG) which wholly owns Alliance Bank, said the group will distribute Manulife's life insurance products to the bank’s customers.

"Pursuant to the agreement, Manulife will pay Alliance Bank a total fee of RM70 million over the 10-year duration of the bancassurance relationship.

"The agreement is expected to contribute positively to the future earnings of AFG. The agreement will not have any effect on the share capital, substantial shareholders’ shareholding or gearing of AFG," said AFG.