GIG-Egypt to promote services through Misr-Iran bank 20 branches in 2 years

Egyptian Life Takaful-GIG seeks to promote its insurance service through Misr Iran Development Bank 20 branches within two years of activating the bancassurance agreement, the managing director of GIG Ramah Asaad said.

The company seeks to promote its services through five branches of  Misr Iran Bank, which are expected to increase to 10 branches with in the current year, he added.

For GIG, Misr Iran Bank will be the sixth bank to enter the bancassurance partnership with, as it signed agreements earlier with Bank Audi Egypt, Abu Dhabi Islamic Bank, National Bank of Kuwait (NBK), National Bank of Abu Dhabiand Banque Misr.

The company seeks to increase  the number of banks through which it promotes its services to 7 banks by the end of June 2018, he said.

The managing director said that his firm aims to expand alliances with banks as one of the important channels of attracting funds through taking advantage of geographic spread of branches nationwide.

On the other hand, the bank seeks to achieve 50 million Egyptian pounds in bancassurance activity during financial year 2017 /2018.