Manulife Bank will expand its Canadian banking operations to Halifax effective Jan. 1, 2007, with long-term plans to employ 150 people there during the next five years.

About a dozen bank service representatives and administrative staff will initially work at Manulife Bank’s Halifax office complex, the first Manulife Bank office operation beyond its Canadian Division head office in Waterloo, Ontario.

Manulife Bank is unique to the financial services industry as its products are offered to clients exclusively through financial advisors.

“Manulife Financial has been continuously committed to a significant presence in Halifax and we see this as a logical place to add to our operations, especially given rapid growth of Manulife Bank in recent years,” said Roman Fedchyshyn, president and CEO of Manulife Bank of Canada.

Long-term plans call for about 30 employees to be added annually through 2011 in Halifax, based on staff requirements to handle additional business.

“We’ve seen strong growth at Manulife Bank to more than $7 billion in assets under management — now Canada’s eighth largest domestic bank — partly because we’re very different from traditional banks and other virtual banks.”

“We provide all of our products to clients through a partnership with financial advisors across Canada. Manulife Bank’s philosophy is that banking is a cornerstone in a person’s overall financial plan and advisors can assist clients in integrating banking into their portfolio.” Fedchyshyn added.

Since its inception in 1993, Manulife Bank has grown from a team of 20 employees to its current roster of more than 200. Waterloo will remain its head office location, supported by its new Halifax operations.

The bank also has a team of more than 100 Banking Consultants across the country to help clients set up a Manulife One Account, which combines the client’s mortgage, short-term savings, and income into a single account.

Currently, the Bank has more than $7 billion in assets under management, reflecting rapid growth in its Manulife One mortgage product, investment loans and other bank accounts.