Piraeus Bank announces that it has signed a Bancassurance Agreement with ING Group for a 10-year exclusive bancassurance distribution partnership in Greece. The new distribution partnership will cover exclusive distribution of ING life, employee benefits and pension insurance products through the Piraeus branch network in Greece and, respectively, the promotion of Piraeus Bank retail banking products from ING agent network in Greece.
In the framework of the new agreement, Piraeus Bank has transferred to ING its stake in their joint venture company, as prescribed by the new bancassurance structure in their strategic cooperation.
The new bancassurance partnership carries on the current strategic alliance agreement, which was signed in 2002 for a 5 year term.
The agreement was executed following a Memorandum of Understanding which the two parties had signed earlier in July this year.