Zurich Sigorta, the Turkish subsidiary of Zurich Financial Services Group, has signed an exclusive distribution agreement with Fortis Bank in Turkey.
This agreement is in anticipation of the planned merger between Fortis and TEB Bank, Zurich Sigorta’s existing general insurance bancassurance partner in Turkey. The price for this transaction amounts to approximately $26m initially, plus an earn-out component.
Through this exclusive distribution agreement with Fortis, which will become effective 1 January 2011, Zurich Sigorta will be in a position to extend its product and services proposition to Fortis’ customers and become general insurance bancassurance player in the Turkish insurance market.
Zurich Sigorta managing director Lutz Bauer said this partnership is a further proof point for Zurich Sigorta’s stated growth strategy and demonstrates its commitment to the Turkish insurance market.
"It marks an important step on our way to become one of the leading general insurance bancassurance players in this attractive market," Bauer said.