Allianz and HSBC will enter into a country-specific agreement in Turkey under which a consideration of 23 million euros (30 million US-dollars) in cash will be paid by Allianz Group companies toHSBC Group companiesfor the opportunity to be the exclusive providers of life insurance and pensions products distributed by HSBC Group companies to customers in Turkey. This local bancassurance agreement, which is subject to regulatory approval, is expected to be complete in the first half of 2013.
“This regional agreement with HSBC is a great opportunity for Allianz to increase our position as a leading provider of life and pension products and long term savings products,“ said Oliver Bäte, member of the board of management at Allianz SE.
Entering this regional partnership is part of the global relationship between Allianz and HSBC. Allianz has a wide range of distribution agreements with HSBC in Asia, including life & health insurance, credit insurance as well as asset management in China, Indonesia, Malaysia, Australia, Sri Lanka, Brunei, The Philippines and Taiwan.