Aligning with the bank’s strategy to offer the best services to its customers, the Export Development Bank of Egypt (EBank) has announced the signing of an agreement with MetLife, Life Insurance Company to market and provide the company’s insurance services and programs through the bank’s branches across the country.
The agreement was signed by Dr. Ahmed Galal, Chairman of EBank, and Mr. Haitham Taher, Deputy Chairman and Managing Director of MetLife. The signing ceremony was attended by Mr. Mohamed Abul Soud, Deputy Chairman of EBank, Mr. Montasser ElSayed, Head of Retail Banking at EBank, and Mr. Walid Abd El-Mohsen, Bancassurance Director at MetLife.
The partnership grants exclusive privileges to MetLife for a period of five years to market and offer a variety of insurance products, including protection coverage and investment products, meeting the diverse needs of customers. This includes plans for education, children’s weddings, and retirement plans, along with a wide range of living benefits for the clients of EBank across 44 branches. This contributes to providing the best banking and insurance solutions to the bank’s clients, understanding their changing needs, and innovating insurance products to suit them, all to achieve the country’s financial inclusion plan.
“Entering the sector of insurance services through our branches opens new markets, enabling us to offer a comprehensive range of individual products to our customers, aligning with our current strategic goals,” said Dr. Ahmed Galal, Chairman of EBank. “The partnership with one of the world’s leading insurance companies like MetLife will add an aspect of expertise to the insurance products we offer.”
Haitham Taher, Deputy Chairman & Managing Director of MetLife expressed his appreciation for EBank’s trust in granting MetLife exclusive privileges to market its diverse insurance products through the bank’s branches in all governorates. This contributes to providing all banking and insurance services to clients from one place and encourages MetLife to innovate savings insurance products to achieve their financial goals.
Taher emphasized that MetLife is keen on expanding into bancassurance with major banks in the banking sector, aiming to reach the largest customer base across various societal segments. The Company is dedicated to promoting insurance and saving awareness, reflecting positively on increasing the contribution of the insurance sector to the overall GDP. This aligns with MetLife’s goals to maintain its position among the leading insurance companies in Egypt.
“This partnership will benefit both parties by enabling us to add a new product to our current list of products,” said Mohamed Abul Soud, Deputy CEO of EBank. “As for MetLife, the partnership will allow the Company to expand the marketing channels for its insurance products. The selection was made considering their long history in offering insurance products and their experience in banking partnerships.”
Walid Abd El-Mohsen, Bancassurance Director at MetLife said “We have succeeded in making a breakthrough in the bancassurance sector in Egypt through partnerships with major banks. This has strengthened our presence in a large number of branches of these banks in various governorates, promoting our insurance products to a broad base of clients and innovating services that achieve their financial aspirations.”
Montasser ElSayed, Head of Retail Banking at EBank, noted that the bank is currently moving towards providing all individual banking services, as reflected in the cooperation with a renowned company like MetLife.
With the signing of the agreement with EBank, the number of banks where MetLife products are available increased to seven banks, with a branch network reaching 610 branches across the country. This aligns with MetLife’s strategy to expand its service to more customer segments and provide insurance protection to the largest number of Egyptian families.
