Cigna Finalizes its Joint Venture Partnership Agreement with Finansbank
BLOOMFIELD, Conn. -- November 09, 2012
Global health service company Cigna (NYSE:CI) has finalized its purchase of a
51% stake in Finansbank’s insurance subsidiary, Finans Emeklilik, the sixth
largest life and pension product provider in Turkey through in-branch banking
channels. Cigna received regulatory approval of the acquisition from the
Treasury of Turkey in early November.
Finans Emeklilik will be part of Cigna's Global Individual Health, Life &
Accident business and will provide Cigna greater access to serve a rapidly
expanding middle class market in Turkey through Finansbank’s network of over
500 retail banking branches. Leveraging Cigna's expertise in direct to
consumer channels, Finans Emeklilik can expand distribution and sell life,
pension and other health, life and accident products through a 15-year
exclusive distribution agreement with Finansbank. This arrangement provides
the joint venture with distribution capabilities via the bank’s extensive
branch network and sizeable customer base.
“This unique joint venture will strengthen Cigna’s presence in Turkey and
enables us to offer an expanded range of products to Finansbank’s base of over
10 million customers,” said Jason Sadler, President, Global Individual Health
Life & Accident, Cigna.
“Forming this critical joint venture will enable greater value for both the
bank and Cigna by combining innovative offerings with a powerful retail
platform,” said Temel Güzeloglu, CEO of Finansbank. “We look forward to a
successful, long-term partnership.”
Cigna Corporation (NYSE: CI) is a global health service company dedicated to
helping people improve their health, well-being and sense of security. All
products and services are provided exclusively by or through operating
subsidiaries of Cigna Corporation, including Connecticut General Life
Insurance Company, Cigna Health and Life Insurance Company, Life Insurance
Company of North America and Cigna Life Insurance Company of New York. Such
products and services include an integrated suite of health services, such as
medical, dental, behavioral health, pharmacy, vision, supplemental benefits,
and other related products including group life, accident and disability
insurance. Cigna maintains sales capability in 30 countries and jurisdictions,
and has approximately 71 million customer relationships throughout the world.
To learn more about Cigna®, including links to follow us on Facebook or
Twitter, visit www.cigna.com.
Finansbank is the fifth-largest privately owned bank in terms of assets in
Turkey (as of 31 December 2011). Finansbank is listed on the Istanbul Stock
Exchange. Finansbank provides a wide range of retail banking products and
services, as well as commercial, private and investment banking. It is one of
the prominent retail banks in the market, and holds top tier rankings in terms
of key retail banking products such as credit cards, mortgages, consumer
loans, debit cards and overdrafts. As of 31 December 2011, Finansbank’s
distribution network included 522 branches and 10,837 staff in Turkey.
About Finans Emeklilik
Finans Emeklilik was founded in July 2007 and launched its pension operations
in November 2008. It is active across all main life insurance products,
including term life insurance, non-credit linked life insurance, and bundled
insurance products as well as non-credit linked individual life insurance
products, in addition to a selection of pension products. Finans Emeklilik is
the 6th largest bancassurance company in the market accounting for a 6.1%
market share in 2011, and is actively growing its private pension business,
generating 22,624 net new contracts in 2011, which accounted for 6.3% of the
Jon Sandberg, 860-226-7253
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