Life insurer Aviva has entered into a 15 years bancassurance partnership with Bank Zachodni WBK to sell life and general insurance products through BZ WBK’s bank network in Poland.
Under the terms of the deal, Aviva and BZ WBK will each hold 50% of two newly established joint venture companies and will each contribute 50% of the total £13.2 million ($27.1 million) working capital. The joint venture, which is expected to be operational in the Q3 2008, will provide access to BZ WBK’s 1.4 million customers across Poland. “The bancassurance arrangement will significantly enhance Aviva’s distribution network in Poland, complementing our well-established direct sales force and the direct motor insurance service which will launch later this month,” said finance director Philip Scott. “The Polish economy is booming and this partnership will give us a significant competitive advantage in this rapidly growing market,” he added. (sharecast.com)