HSBC Middle East has entered a strategic partnership with Zurich and selected them as their exclusive partner for the distribution of Wealth Insurance products in UAE, Qatar and Bahrain, with other Middle East and North Africa (MENA) markets to be considered in the future.
The 10 year exclusive contract with Zurich brings considerably improved commercial terms for HSBC. Most importantly, it brings significant value for HSBC’s customers in terms of product quality and diversity, and enhanced wealth insurance capabilities. The agreement follows on from HSBC’s announcement last month of ten year non-life bancassurance agreements with AXA in Hong Kong, Singapore, India, China, Indonesia and Mexico, and with QBE for Hang Seng and in Argentina.
The alliance will enable HSBC’s Retail Banking and Wealth Management (RBWM) business in MENA to build specialist expertise in its Wealth Insurance business and provide a consistent experience to HSBC customers in UAE, Qatar and Bahrain, in line with HSBC’s Global Wealth transformation strategy.
Francesca McDonagh, Regional Head of Retail Banking and Wealth Management said, “This agreement falls completely in alignment with HSBC’s strategy to build longer-term, exclusive alliances with preferred strategic partners to deliver more value to our customers. Providing best-in-class wealth insurance solutions is a core part of our wealth management strategy in MENA. As a result of this collaboration, we will be able to provide greater benefits and better service to our customers. HSBC customers will see a more comprehensive, yet simple range of wealth insurance solutions aligned with their protection and investment needs, and delivered in an efficient, customer-centric approach.”
The strategic partnership will be implemented across UAE, Qatar and Bahrain first and will provide HSBC the depth and breadth to drive its Wealth Insurance business further across important wealth markets.
Thorsten Kocherscheidt, CEO of Zurich’s Global Life business in Middle East and Africa comments, “Zurich and HSBC already have an extensive relationship in the Middle East and I am delighted that this has been formalized into a long-term exclusive arrangement in UAE, Qatar and Bahrain. We look forward to developing first-class propositions for HSBC’s Retail Banking and Wealth Management customers across the region. This agreement also underlines Zurich’s commitment to grow in emerging markets.”
Zurich have been a preferred strategic partner of HSBC since 2008 and this Middle East partnership further strengthens the global relationship.