Dutch financial services provider ING Group has entered into a 10-year exclusive distribution partnership with Piraeus Bank in Greece that covers life, employee benefits and pension insurances. In addition, ING will acquire full ownership of ING Piraeus Life, the joint venture between ING and Piraeus Bank.
The new distribution partnership is in line with ING’s current growth strategy in central Europe, of which extending and broadening of distribution is one of the spearheads. The partnership will provide the Netherlands-based group with exclusive access to Piraeus Bank’s network of 305 branch offices in Greece for the distribution of life insurance and pension products.
Jacques de Vaucleroy, executive board member of ING Group responsible for insurance in Europe, said: We are pleased that we will be able to continue the fruitful co-operation with Piraeus Bank. The 10-year term of this distribution agreement confirms ING’s firm commitment to the Greek insurance market.
The acquisition of ING Piraeus Life will position the company in third place in the Greek life insurance market. ING Piraeus Life is currently the eighth largest life insurer in Greence with a market share of 3.7%.
ING and Piraeus Bank expect to sign the final agreement in September 2007.