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Canada's Sun Life clinches $192 mln bancassurance deal with Dah Sing Bank

Sun Life Financial Inc (SLF.TO) has struck a 15-year bancassurance partnership in Hong Kong with Dah Sing Bank (2356.HK), a move that is likely to boost the Canadian insurer's presence in the special administrative region of Hong Kong.

"Sun Life will pay an amount of HK$1.5 billion ($191.5 million) for this exclusive arrangement, with ongoing variable payments to Dah Sing Bank based on the success of the partnership, both companies said in a joint statement on Friday.