National Bank and Allianz sign MoU

National Bank of Greece and Allianz person signed a Memorandum of Understanding (MoU), which provides for NBG’s volition to get a 30% number stake successful Allianz European Reliance (Allianz Greece).

The MoU besides outlined the volition of some parties to participate into a semipermanent exclusive bancassurance agreement, with an archetypal term of 10 years and an automatic five-year extension, subject to agreed conditions. In their associated announcement, NBG and Allianz noted that the acquisition of a 30% stake successful Allianz Greece by NBG — subject to the indispensable regulatory approvals — has been designed “to strengthen the semipermanent alignment betwixt the two parties and to support sustained concern successful merchandise innovation, integer capabilities and work quality.”

At some shareholder and operational levels, the two parties expressed their shared volition “to make bancassurance into a semipermanent maturation exemplary that goes beyond a standard merchandise organisation agreement.”

Structure of the agreement

Allianz Greece will supply a broad portfolio of wide insurance, wellness and beingness security products, including protection, savings and concern solutions, which will beryllium distributed done NBG’s carnal and integer channels. Allianz Greece will lend its security assemblage expertise, “including merchandise improvement and underwriting capabilities, while besides collaborating with NBG connected lawsuit work and communication.”

The planned concern aims “to support customers successful protecting what matters most, readying for the aboriginal and safeguarding their semipermanent fiscal resilience, while making security and savings solutions much accessible done an integrated banking and security experience.”

Long-term bancassurance strategy

Pavlos Mylonas, Chief Executive Officer of National Bank of Greece, stated: “This Memorandum of Understanding with Allianz SE marks an important step successful strengthening National Bank of Greece’s bancassurance offering. By combining our strong lawsuit relationships and organisation capabilities with Allianz Greece’ security expertise, we purpose to broaden entree to security solutions done simpler, much integrated lawsuit journeys, with a wide absorption connected integer capabilities and work quality.”

Sirma Boshnakova, Member of the Board of Management of Allianz, stated: “This envisaged concern reflects Allianz SE’s semipermanent bancassurance strategy and its value successful however we service customers. By bringing together National Bank of Greece’s strong organisation scope and Allianz Greece security expertise and section presence, we purpose to broaden entree to security solutions successful a way that is sustainable, well aligned and focused connected lawsuit needs, while supporting the semipermanent improvement of Allianz Greece.”