Last February 17, 2011, the Yuchengco Group of Companies (YGC) formally signed an agreement with Sun Life Financial - Philippines to form a joint venture company, Sun Life Grepa Financial, Inc. The agreement involves Sun Life's acquisition of 49% of the Yuchengco Group-owned Grepalife, which will in turn enter into an exclusive cooperation agreement with the Rizal Commercial Banking Corporation (RCBC) which has a network of over 350 branches and 2.5 million customers nationwide.
The beginning of a brilliant partnership - the Sun Life Financial and Grepalife MOA signing. L-R: SLFP President and CEO Riza Mantaring, Grepalife Financial Chairman Gov. Gabriel Singson, YGC Chairman Amb. Alfonso Yuchengco, SLOCPI Director and SLF Asia President Dikran Ohannessian, RCBC Chairperson Helen Dee, SLFP Holding Company Chairman Steve Lorenz and RCBC President and CEO Lorenzo Tan.
This historic alliance will pave the way for further growth for the YGC as it will now be able to offer Grepalife customers an even wider range of world class insurance products that will better serve their needs for protection and financial security. The partnership will likewise fortify Sun Life Philippines position especially in the middle market and provincial areas.