The FINANCIAL -- ING Group announces that it has reached final agreement with Piraeus Bank on a 10-year exclusive distribution partnership in Greece covering life, employee benefits, pension insurances and retail banking products.
On 30 July, ING and Piraeus Bank announced they had signed a Memorandum of Understanding to enter into this partnership. The negotiations have now finalized and have resulted in an agreement that gives ING exclusive access to Piraeus Bank's network of 305 branch offices in Greece for the distribution of life insurance and pension products. ING's network of tied
agents in Greece will promote the retail banking products of Piraeus Bank. In addition, ING acquires full ownership of ING Piraeus Life, the joint venture between ING and Piraeus Bank. Financial details were not disclosed.
The partnership follows on a cooperation agreement signed in 2002 and fits into ING's growth strategy in Central Europe of which extending and broadening of distribution is one of the spearheads. It also confirms ING's firm commitment to the Greek insurance market.
ING Piraeus Life has grown rapidly mainly through sales of unit-linked products. It is currently the 8th largest life insurer in the Greek market with a market share of 3.7%. ING also sells insurance products via tied agents through ING Greece. ING Greece ranks 5th in the Greek life market with a market share of 8.4%. Combined, ING Greece and ING Piraeus Life occupy the 3rd position in the Greek life insurance market. Piraeus Bank is the 4th largest bank in Greece.