Finansbank sells 51 pct in insurance arm
Finansbank Chair Ömer Aras (C) pose with Cigna Int’l CEO Jason Sadler (L).
Turkey’s Finansbank signed a 15-year exclusive distribution partnership agreement with American insurance giant Cigna yesterday for 51 percent of its share in Finans Emeklilik, according to the company press release.
Finansbank will still retain its 49 percent share in Finans Emeklilik. Finansbank and Finans Emeklilik are also planning to sign a 15-year exclusive distribution agreement to distribute both life insurance and individual retirement plans.
Cigna, which commands yearly revenues of more than $22 billion, is America’s fourth largest insurance company. It has an expansive life and health insurance portfolio and provides insurance services to over 70 million customers in 30 countries.
Cigna manages banking insurance partnerships in the world’s leading developing economies like China, South Korea and India, and plans to extend its expertise in this field to Turkey via a partnership with Finansbank.