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HSBC and Zurich Sign 10-Year Exclusive Agreement to Distribute General Insurance Products in MENA



    HSBC and Zurich Sign 10-Year Exclusive Agreement to Distribute General
                          Insurance Products in MENA

  PR Newswire

  DUBAI, UAE, May 22, 2013

DUBAI, UAE, May 22, 2013 /PRNewswire/ --

HSBC Middle East has signed an exclusive 10-year agreement with Zurich
Insurance Middle East to distribute its personal and commercial General
Insurance products in the United Arab Emirates, with other Middle East and
North Africa (MENA) markets to be considered in the future.

The agreement marks the coming together of two global leaders in their
respective fields, and extends HSBC's relationship with Zurich in the region
following the 10-year contract signed in April 2012 to exclusively distribute
Zurich's Life Insurance products in UAE, Qatar and Bahrain.

Fresh from reports of growing need among UAE residents regarding the
protection of their homes, family belongings and valuables, the agreement
covers all of Zurich's General Insurance personal product lines, and allows
HSBC customers to access Motor, Home Contents and Travel insurance, as well as
Zurich's full suite of commercial insurance solutions.

The agreement will help to improve access and distribution of insurance
products across the MENA region, which has some of the lowest insurance
penetration rates in the world. Even the UAE, which has one of the highest
rates in the region, stands at just 1.8% - more than three times lower than
Singapore and six times lower than the UK.*

It will also enable HSBC's Retail Banking and Wealth Management (RBWM)
business in MENA to build specialist expertise in General Insurance and,
together with its Life Insurance expertise, provide a consistent experience to
HSBC customers - many of whom already use current account and credit card
services.

Francesca McDonagh, HSBC's Regional Head of Retail Banking and Wealth
Management for Middle East and North Africa said : "This partnership
reinforces our customer centric strategy, allowing HSBC to provide
comprehensive Life and General Insurance solutions, to ensure our customers
are fully protected across their full range of insurance needs. Customers will
find it easy to access the right insurance solution through multiple HSBC
channels."

"Recent media reports regarding residents' negligence leading to accidents
such as building fires have created awareness among people that insurance is
about more than just mandatory Health and Motor plans, but needs to include
the protection of homes, valuables and personal wealth. Along with the Wealth
Insurance agreement announced last year, this new agreement means that Zurich
becomes our exclusive partner for the entire spectrum of insurance offering in
the UAE, with other Middle East markets to follow, allowing us to provide our
customers with holistic insurance solutions catering to their every need."

Mike Kerner, Member of Zurich's Group Executive Committee and CEO for Zurich
General Insurance, was in Dubai for the official signing of the agreement with
Francesca McDonagh, HSBC's Regional Head of Retail Banking and Wealth
Management (RBWM) for MENA.

Saad Mered, CEO, Zurich General Insurance for Middle East & Africa ,
commented: "Zurich and HSBC have already built a strong relationship in the
region in terms of Life Insurance. We look forward to developing first-class
General Insurance propositions for HSBC's customers that are
easy-to-understand, provide comprehensive cover, delivered in an efficient
manner and ensure customers have peace of mind in the knowledge that their
most precious possessions are protected."

* Source - Swiss Re: sigma No 3/2012

Notes to editors:

HSBC in the MENA Region

HSBC is the largest and most widely represented international banking
organisation in the Middle East and North Africa (MENA), with a presence in 14
countries across the region.  HSBC has operations in the United Arab Emirates,
Egypt, Qatar, Oman, Bahrain, Kuwait, Jordan, Lebanon, Pakistan, Algeria and
the Palestinian Autonomous Area. In Saudi Arabia, HSBC is a 40% shareholder of
Saudi British Bank (SABB), and a 49% shareholder of HSBC Saudi Arabia for
investment banking in the Kingdom. In Iraq, HSBC holds a majority shareholding
in Dar Es Salaam Investment Bank. HSBC also maintains a representative office
in Libya.

This presence, the widest reach of any bank in the region, comprises some 295
offices and around 12,000 employees. In the three quarters of the year ending
on 30 September 2012, HSBC in the MENA region made a profit before tax of
US$1,048m.

Contact: Media enquiries to: Farah Farooq,
+971-56-6867337,farah.farooq@hsbc.com; Ahmad Othman,
+971-50-3069313,ahmad.othman@hsbc.com
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