Zurich Insurance Malaysia and Bank of China have signed a memorandum of understanding (MoU) to explore bancassurance opportunities in Malaysia.

Under the terms of the agreement, the Chinese lender will leverage Zurich Insurance’s expertise in expanding and providing comprehensive financial services in the country.

Commenting on the agreement, Zurich Insurance Malaysia CEO Trevor Bull said the MoU will enable both parties to expand their footprint in the Malaysian market.

"Through our combined efforts and commitment, we will be able to achieve more and be able to continue to develop a distribution model and propositions that align with Bank of China’s overall strategy," Trevor added.

Zurich Insurance Malaysia is headquartered in Kuala Lumpur and manages 39 branches in Malaysia. It provides insurance, savings and investment products and services to meet the needs of Malaysians.