CITIC Bank International and Manulife have agreed to extend their bancassurance partnership agreement for another ten years, the companies said in a statement. 

With the extension, the bank remains as one of Manulife's key banking partners in Hong Kong, while CITIC continues to distribute a range of financial planning products under the Canadian insurer. The previous agreement was for six years.

"We view this as another milestone for the bancassurance business of [both firms] and look forward to bringing more benefits for the customers by entering into this new phase of partnership," commented Doreen Chan, the chief executive of CITIC Bank. 

CITIC is part-owned by China CITIC Bank and BBVA of Spain and has 30 branches throughout Greater China. Manulife operates in 22 countries and records HK$3.9 trillion ($500 billion) in funds under management as of 30 June 2011.