Bank's one million plus customers to have access to life insurance solutions tailored to savings and protection needs
Dubai - Emirates NBD, a leading bank in the region, entered into a strategic partnership with MetLife, a leading global provider of insurance, annuities and employee benefit programs, to provide comprehensive life insurance solutionsto the bank's customers. Thislong-term partnership was inked at a ceremony that took place at Emirates NBD's head office, where Suvo Sarkar, General Manager - Retail Banking & Wealth Management, Emirates NBD,and Mario Valdes, General Manager, MetLife Gulf, signed the partnership agreement.
The UAE constitutes the largest life insurance market in the GCC with total gross premiums of US$8 billion. Customer penetration is still in single digits and lags the more developed economies;however, this is growing at a healthy pace supported by rising incomes and the robust economic growth that the country is witnessing.
This strategic partnership marks the coming together of two leading brands in banking and life insurance to provide world-class savings and protection solutions to the bank's one million plus customers in the UAE.The tie-upwill focus on distribution of insurance products through banking networks, one of the key recommendations proposed by the World Bank to accelerate development of the insurance sector in MENA economies.
Commenting on the partnership, Suvo Sarkar, General Manager - Retail Banking & Wealth Management, Emirates NBD, said: "We are confident that Emirates NBD's strong legacy as a leading bank in the region, combined with MetLife's global leadership and local expertise in the life insurance industry, will provide a strong foundation for a successful partnership. With this partnership, Emirates NBD moves one step forward towards providing superior solutions to our customers to help fulfil their financial and protection needs."
The partnership will offer a comprehensive range of products that will enable customers to save towards their goals such as children's education, marriage or retirement as well as ensure the family is protected against unforeseen events. The tie-up will also offer life insurance solutions to help businesses address their and their employees' protection needs.
Mario Valdes, General Manager of MetLife Gulf, said: "MetLife's partnership with Emirates NBD is established on the alignment of a common set of valuesthe two organisations stand for. We look forward to building on our synergies andto take our long-standing relationship to new heights by offering Emirates NBD'scustomers access to innovative and affordable solutionsthat meet the unique savings and protection needs of individuals, families and businesses of all sizes."
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About Emirates NBD
Emirates NBD is a leading banking Group in the region. As at 31st March 2014, total assets were AED 347.1 billion, (equivalent to USD 94.5 billion).The Group has a leading retail banking franchise in the UAE, with more than 220 branches and over 887 ATMs and CDMs in the UAE and overseas. It is a major player in the UAE corporate and retail banking arena and has strong Islamic banking, Global Markets & Treasury, Investment Banking, Private Banking, Asset Management and Brokerage operations.
The Group has operations in the UAE, Egypt, the Kingdom of Saudi Arabia, Qatar, Singapore, the United Kingdom and representative offices in India, China and Indonesia.
The Group is an active participant and supporter of the UAE's main development initiatives and of the various educational, environmental, cultural, charity and community welfare establishments.
For more information please visit: www.emiratesnbd.com
About Metlife
MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates ("MetLife"), is a leading global provider of insurance, annuities and employee benefit programs. MetLife holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. MetLife is a pioneer of life insurance with a presence of more than 50 years in the Gulf. Through its affiliates in Bahrain, Kuwait, Oman, Qatar and the United Arab Emirates, MetLife offers life, accident and health insurance along with retirement and savings products to individuals and corporations.
For more information, visit www.metlife.com
For further information, please contact:
Ajith Henry
Communications - Group Marketing, Emirates NBD
Tel: 971-4-3874421
Mob: 971 55 6612391
Email: AjithH@emiratesnbd.com
Sudha Chandran | Hiba Moussa
ASDA'A Burson-Marsteller; Dubai, UAE
Tel: 971-4-4507600; Fax: 971-4-4358040
Email: sudha.chandran@bm.com
© Press Release 2014
