BNP Paribas Assurance signed with TEB and Fortis Bank Turkey, whose merger is called "The New BER", an exclusive distribution agreement for a period of 20 years. The agreement covers the distribution of insurance products and "Life & Pensions' within the networks of TEB and Fortis Bank Turkey.
BNP Paribas Assurance, Cardif through its subsidiary, is the exclusive provider of savings products, retirement and welfare of the new set up. Based on current data, the merged entity, "New BER" is positioned at the ninth largest bank in Turkey by the amount of its assets, has a network of 630 bank branches and 3 million individual customers.
In addition, to accelerate the marketing of these savings, retirement and pensions, BNP Paribas Assurance has repurchased 100% of Fortis Emeklilik ve Hayat (FEH), life insurance company of Ageas (formerly Fortis) in Turkey, which already holds a license to market products and retirement savings. This operation, signed in July 2010 between Ageas and BNP Paribas Assurance has obtained all regulatory approvals.
Eric Lombard, Chairman and CEO of BNP Paribas Assurance said: "This new partnership strengthens our position in Turkey. We will bring our expertise in insurance in New TEB new set, which combines the strength of two banking networks, and to become a leading bank insurer in the country. We intend to capitalize on our partnerships in conjunction with major banking players and financial institutions of the country. "