Emirates NBD – Egypt and Allianz Egypt Extend Strategic Partnership in Bancassurance for 5 Years

Cairo, Egypt – 11 February 2024: Emirates NBD – Egypt signed with Allianz Egypt, the leading insurer in the Egyptian market and an affiliate of Sanlam Allianz Africa, a 5-year renewal agreement, solidifying their strategic bancassurance partnership. This renewal marks a significant milestone as it coincides with over 20 years of successful collaboration between Emirates NBD – Egypt and Allianz Egypt, with their partnership commencing in 2003.

The agreement aims to provide comprehensive life and property insurance products and services through the bank’s branch network to different customer segments. It also aims to develop the service mechanism provided by the company to meet all the needs of the bank’s customers under one roof.

The signing ceremony was witnessed by the top executives of the two sides. From Allianz Egypt side, Chairman and CEO, Ayman Hegazy, Managing Director of Allianz Life Insurance Company, Charles Tawdros, Bancassurance Director, Wael Eid, Business Development Manager, Ahmed Yehia. From Emirates NBD – Egypt’s side, CEO and Managing Director, Amr El-Shafei, Head of Retail Banking and Wealth Management, Mustafa Ramzy, in addition to Head of Products & Marketing, Retail Banking, Nelly Allam, and Head of Investment & Wealth Management Mohamed Hany.

Amr El-Shafei, CEO and Managing Director of Emirates NBD – Egypt stated, “Through our strategic partnership with Allianz, Emirates NBD – Egypt has been offering integrated insurance programs that meet the different requirements of our clients, enriching the value of our services. We have a shared vision with Allianz, as we aim to offer solutions that enable our clients to plan and invest in a wide array of products provided by Allianz.”

“The utilization of such products and services enhances the clients’ capabilities to maximize the benefits of long-term investment opportunities,” El-Shafei added.

Ayman Hegazy, Chairman and CEO of Allianz Egypt, stated “Throughout a 20-year-partnership with Emirates NBD – Egypt, Allianz Egypt has managed to thoroughly understand the needs of the Egyptian society given the variables of the financial service market. Hence, Allianz Egypt has been offering innovative insurance services that fulfill such requirements. At Allianz Egypt, we are eager to explore further horizons in the future to meet the insurance demands of the clients of Emirates NBD – Egypt in an unprecedented manner.”

According to Hegazy, the partnership with Emirates NBD – Egypt is based on mutual understanding that conforms to Allianz’s strategy of offering novel solutions that are likely to build Egypt’s insurance sector toward a more sustainable future.

On his part, Charles Tawdros, Managing Director of Allianz Life Insurance Company stated: “At Allianz Egypt, we take pride in our strategic collaboration with Emirates NBD – Egypt through promoting our insurance services in the bank’s 67 branches. We support financial inclusion through providing insurance services for about 35,000 clients belonging to different age groups and social segments, our clients have acquired almost 49000 policies.”

Tawdros added: “Allianz Egypt has put forward different insurance packages for around 100,000 of Emirates NBD – Egypt’s credit card holders presenting insurance services including roadside assistance, digital wallets, and medical consultations.”

Mustafa Ramzi, Head of Retail Banking and Wealth Management at Emirates NBD – Egypt said: “At Emirates NBD – Egypt, we are proud of our success in integrating banking and insurance services through pioneering bancassurance services as our strategy relies on making the most of our expertise in the two sectors. This way we can offer financial services, designed especially to fulfill the increasing demands of our clients.”

Allianz Egypt is keen on forging agreements with major banks that operate in the Egyptian banking sector as part of its strategy of boosting its presence among a wide client base as well as increasing its market share and ensuring that its insurance solutions reach different segments.