Cairo –  Leading insurer Allianz Egypt, an affiliate of Sanlam Allianz Africa, has renewed its five-year partnership agreement for bancassurance services with Emirates NBD-Egypt, a subsidiary of the UAE-listed Emirates NBD.

The agreement aims to provide comprehensive life and property insurance products and services through Emirates NBD-Egypt’s network to a wide range of customers, according to a press release.

The collaboration builds on the two sides’ history of partnership which started in 2003 and also sees Allianz Egypt develop the service mechanism provided to meet all the needs of the bank’s customers.

Ayman Hegazy, Chairman and CEO of Allianz Egypt, said: “Throughout a 20-year-partnership with Emirates NBD, Allianz Egypt has managed to thoroughly understand the needs of the Egyptian society given the variables of the financial service market. Hence, Allianz Egypt has been offering innovative insurance services that fulfil such requirements.”

“At Allianz Egypt, we are eager to explore further horizons in the future to meet the insurance demands of the clients of Emirates NBD in an unprecedented manner,” Hegazy added.

Charles Tawdros, Managing Director of Allianz Life Assurance, indicated: “We take pride in our strategic collaboration with Emirates NBD through promoting our insurance services in the bank’s 67 branches. We support financial inclusion by providing insurance services for about 35,000 clients.”

Amr El-Shafei, CEO and Managing Director of Emirates NBD-Egypt, stated: “The utilisation of such products and services enhances the clients’ capabilities to maximise the benefits of long-term investment opportunities.”

For his part, Mustafa Ramzy, Head of Retail Banking and Wealth Management at Emirates NBD-Egypt, highlighted: “We are proud of our success in integrating banking and insurance services through pioneering bancassurance services as our strategy relies on making the most of our expertise in the two sectors.”

Earlier in February, Allianz Egypt penned a five-year partnership agreement with Suez Canal Bank to boost the company’s bancassurance services.

As part of its expansion in the Arab Republic, Emirates NBD-Egypt recently inaugurated its branch in Zagazig city in line with the lender’s plans to endorse its banking services.

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