Turk Ekonomi Bankasi (TEB), the Turkish
subsidiary of French lender BNP Paribas (BNPP), is to distribute
life and pension as well as personal insurance products via BNPP’s
bancassurance subsidiary, Cardif.
The bancassurance distribution deal will
last 20 years and follows BNPP’s acquisition of Fortis and the
subsequent merger between the bank and TEB.
Fortis’s pension arm, Fortis Emeklilik ve
Hayat, has a license for distributing savings and pensions
BNPP Assurance’s CEO, Eric Lombard, said
that he expects the TEB to become the leading bancassurance
provider in Turkey.
The merger between TEB and Fortis was
finalised in February, making TEB the ninth biggest lender by
assets in Turkey.
The merger helped boost TEB’s ambitions to
grow its retail banking business in Turkey.
TEB introduced the world’s first digital
debit card in 2010 and is planning to roll out a digital credit card
in 2011, Bülent Ersöz, card payment systems director at TEB, told