A Change of Guard

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Thursday 28 June 2012

Manulife Enters Cambodia Market With Phnom Penh Office

By Sean B. Pasternak 
Bloomberg Business Week
June 28, 2012 

Manulife Financial Corp. (MFC), Canada’s largest insurer, has opened an office in Phnom Penh, Cambodia, its first in the Southeast Asian nation.
Manulife has about 40 people in its Cambodian unit, the Toronto-based insurer said today in a statement.
Chief Executive Officer Donald Guloien, 55, has said expansion in Asia is part of Manulife’s plan to reach C$4 billion ($3.9 billion) in net income by 2015. Manulife, owner of Boston-based John Hancock Financial, operates in Hong Kong and countries including China, Malaysia, Vietnam and Japan.

“The company sees the potential of Cambodia, with a population of about 15 million and an emerging middle class, as a growth area,” David Wong, chairman of Manulife’s Cambodia unit, said in the statement.
To contact the reporter on this story: Sean B. Pasternak in Toronto at spasternak@bloomberg.net.
To contact the editors responsible for this story: David Scanlan at dscanlan@bloomberg.net; Dan Kraut at dkraut2@bloomberg.net.

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