Fast FWD plan to put rebranded unit in top five
Emerging from part of ING business bought by Richard Li-backed Pacific Century, FWD's lofty goals will be supported by doubling of agents
A part of the regional ING operation that Richard Li Tzar-kai's Pacific Century Group had bought last year was relaunched as FWD yesterday.
A name change was part of the takeover deal when ING sold the Hong Kong, Macau and Thailand operation of the insurance business to Pacific Century as it kept the brand name for its own banking business.
Li, who is the chairman of telecommunications firm PCCW, also controls HKT Trust, HKT and Pacific Century Premium Developments. In 2007, he sold his stake in Pacific Century Insurance to Fortis but re-entered the insurance business last year by buying out ING's regional operation for US$2.14 billion.
"FWD means moving forward and this is our mission. We would like to adopt new sales networks, new products and new strategies to attract new clients. We will also step into new markets in the Asia-Pacific region besides Hong Kong, Macau and Thailand," Wong said.
The company would double its sales agents to 3,000 in five years and double banking sales partners to six, he said, adding that he also aimed to develop cross-selling strategies with other companies under Pacific Century Group and other retailers.