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Manulife Financial Corp.'s office tower in Toronto on Feb. 11, 2020.Cole Burston/The Canadian Press

Manulife Finance Co. MFC-T says Rick Lunny, president and chief executive of Manulife Bank, is retiring at the end of February.

It says Alex Lucas, current head of individual insurance at Manulife Canada, will step into the role as head of the Canadian online bank.

Mike Doughty, chief executive of Manulife Canada, said in the memo announcing the change that Mr. Lucas has been at Manulife for more than 15 years, including head of individual insurance since 2014.

Mr. Lunny served in the role of CEO of the bank for more than seven years.

Manulife Bank was established in 1993 and says it was the first branchless bank in Canada, and the first federally regulated bank opened in the country by an insurance company.

The bank reported $27.7-billion in assets and a net income of $44-million for the quarter ending Sept. 30.

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