Sun Life Financial to Form Joint Venture with Yuchengco Group of the Philippines
Toronto-based Sun Life Financial announced that it has entered into an agreement with GPL Holdings Inc., a member of the Yuchengco Group of Companies in the Philippines, to acquire 49% of Grepalife Financial Inc. The acquisition will result in the creation of a restructured entity called Sun Life Grepa Financial Inc. The new joint venture will allow Sun Life Financial Philippines, a member of the Sun Life Financial group of companies, to form a bancassurance relationship with the Yuchengco-owned Rizal Commercial Banking Corporation. The Yuchengco Group is a multi-industry conglomerate that engages in banking and insurance, education and IT services, travel and transportation, construction, and healthcare. Sun Life Philippines is an international financial services organization.