Piraeus Bank, in the course of following through its strategy for enhancement of its bancassurance activities, announces that it has signed an agreement with Victoria General Insurance Company S.A. - a subsidiary of Ergo International in Greece and member of the German insurance Group Munich Re - for the implementation of a 10-year exclusive cooperation in the general insurance field. Munich Re is the leading reinsurance company worldwide, while its subsidiary Ergo is a leading insurance Group in Germany. Victoria General has been conducting business operations in Greece since 1989, and premium income amounted to 72.2 million euros in 2008.
Both parties have agreed that Piraeus Bank will distribute for the next decade, through its branch network in Greece, the general insurance products of Victoria General Insurance Company S.A. that the latter develops and manages. Piraeus Bank has been working together with Victoria General since 2005, but not on an exclusive basis. The new agreement builds on the fruitful collaboration of the parties up to date and elevates it to a higher level of business cooperation.
The 10-year agreement is considered particular advantageous for both parties. Piraeus Bank gains a renowned co-operator of international prestige, hence ensuring the provision of credible insurance products to its clientele. Ergo International, through its subsidiary Victoria General Insurance Company S.A. in Greece, ensures the cooperation with a financial Group that possesses a leading position in Greece and offers one of the largest and most effective branch networks in the country.