Allianz Egypt renews strategic partnership with Banque Misr for next five years

Allianz Egypt, part of German insurance giant Allianz, has announced on Tuesday the renewal of its partnership for the upcoming five years with Banque Misr, the oldest bank operating in the Egyptian banking sector.

The renewal cooperation aims at offering integrated insurance services for the Banque Misr clients, where the signing ceremony was held at the Allianz Arena Stadium in Munich, Germany.

It also targets to launch a number of insurance services as well as to develop a mechanism for the services the company offers to meet the different needs of the bank’s clients under one roof.

Allianz services are provided for over 350 branches of Banque Misr, as the renewal of the bilateral collaboration will double the company’s portfolio.

The agreement is a part of Allianz’s strategy to reinforce its presence in the sector and raise the company’s market share through boosting the client base, said CEO Ayman Hegazy.

He added, “such a goal can be achieved through ensuring the delivery of our insurance solutions to all segments via diverse distribution channels across the country through Bancassurance.”

For his side, CEO of Banque Misr Mohamed El-Etreby expressed his happiness of the successes that have achieved with Allianz over the past two decades in life insurance field.

Banque Misr seeks to boost its alliances in order to meet all its clients’ need of services and products designed for them and delivered through its network of branches nationwide and via its distinguished digital services, he noted.

Moreover, this augments the efforts of the Financial Inclusion Initiative launched by the Central Bank of Egypt (CBE) via the inclusion and participation of citizens of all segments and age groups.

The strategic partnership between Allianz Egypt and Banque Misr kicked off in 2022 in the area of life insurance, witnessing many successes through a variety of innovative insurance solutions that meet the different needs of clients.