US-based health service and insurance provider Cigna has finalized the acquisition of 51% stake in Finans Emeklilik, Finansbank’s insurance subsidiary in Turkey, following a regulatory approval from the Treasury of Turkey in early November.
Once the deal is completed, Finans Emeklilik will become a part of Cigna’s Global Individual Health, Life & Accident business and will offer the insurer access in Turkey through Finansbank’s network of over 500 retail banking branches.
Finans Emeklilik through a 15-year distribution agreement with Finansbank, can expand distribution and sell life, pension and other health, life and accident products. Additionally, it will also benefit from Cigna’s expertise in direct to consumer channels.
Cigna Global Individual Health Life & Accident president Jason Sadler said that the joint venture will strengthen Cigna’s presence in Turkey and enable it to offer an expanded range of products to Finansbank’s base of over 10 million customers.
Finansbank CEO Temel Güzeloglu said that forming this joint venture will enable greater value for both the bank and Cigna by combining innovative offerings with a powerful retail platform.
Cigna offers health services, including medical, dental, behavioral health, pharmacy, vision, supplemental benefits, and other related products including group life, accident and disability insurance.
Listed on the Istanbul Stock Exchange, Finansbank delivers a number of retail banking products and services, as well as commercial, private and investment banking.