Manulife Financial Corporation, the Canadian financial services firm, has signed a framework cooperation agreement with Bank of China.

The deal strengthens the existing partnership between the two companies, marked by the May 2011 signing of a bancassurance distribution agreement between Bank of China and Manulife-Sinochem Life Insurance, the joint venture life insurance firm under Manulife. MSL's products are currently distributed via BoC in Beijing, Shanghai, Shenzhen, Guangdoing, Jiangsu and Zhejiang. BoC is also a major custodian and distributor of Manulife's JV fund management firm, Manulife -TEDA Fund Management. 

This new agreement will focus on growing both firms' insurance custody and bancassurance operations in China and will run for a minimum of two years, the Canadian firm said in a press release. 

"As more Chinese and Canadian companies and citizens look to each other's home country for business opportunities, academic pursuits or simply as a holiday destination, we view closer cooperation between BoC and Manulife as an opportunity to realize business opportunities together," said Donald Guloien, president and chief executive of Manulife Financial. 

Manulife-Sinochem is the joint venture between Manulife International and the China Foreign Economy and Trade Trust Company. Since it began in November 1996, the venture has grown to have around 600,000 clients across 49 cities in China. Manulife TEDA was established in 2002 and registers RMB180 million ($28.4 million) in capital.