Bancassurance

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Bancassurance

Insurance provided by a bank. For example, a bank could offer life insurance in addition to its savings, loan, and investment services. Proponents argue that bancassurance can streamline internal and government regulations. For example, a bank offering a mortgage may require borrowers to buy homeowners insurance; if bancassurance is available, the borrower could purchase a policy directly from the bank without needing to shop around. However, bancassurance is somewhat controversial; critics contend that allowing banks to sell insurance gives them too much control over the financial services sector. As a result, some countries prohibit it. The United States has allowed it since the passage of the Gramm-Leach-Bliley Act.
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BO) insurance unit as well as Dutch bancassurer ING s (ING.
The Company is also the largest and most prominent bancassurer in the country.
According to the company, the name change is a logical step towards its transformation from bancassurer to international insurer.
Benelux bancassurer Fortis reported a better-than-expected 19 per cent rise in 2003 core profits yesterday and forecast further earnings improvement this year as it seeks to expand in its key markets.
Bulgarias Bulstrad, part of Vienna Insurance Group (VIG), has announced completion of the acquisition of the countrys bancassurer UBB-AIG.
John Holden, chief executive officer, Canara HSBC Oriental Bank of Commerce Life Insurance Company, said, 'Because we are an integrated bancassurer only selling through our banks' branches, we have lower operating costs and pass that saving onto the customer through better value-for-money products.
Predica specializes in life insurance and is a leading life bancassurer in France.
10 May 2013 - Belgian bancassurer KBC Group NV (EBR:KBC) said it would sell the pension fund business of its Polish unit PTE WARTA SA to local PTE Allianz Polska SA, a unit of TUiR Allianz Polska SA, part of the German insurance giant Allianz SE (ETR:ALV).
9 December 2011 - State-run bancassurer Irish Life & Permanent (IL&P) is an advanced stage of a recruitment process for a new top executive for its banking unit, permanent tsb, which is due to be separated from the group by end-March 2012, a company spokesman said today.
Summary: DUBLIN - Bancassurer Irish Life & Permanent (IL&P) reported a tenfold jump in pretax losses in the first half on the back of rising impairments and investment losses, but said it was confident its banking unit had a profitable future.
Rabobank, which had been in merger talks with Eureko to form a major Dutch bancassurer, said that a merger was 'no longer required to achieve the common strategic objectives' and that it will continue to cooperate with Eureko on a commercial basis.
Dutch bancassurer ING Group NV will split in two, shrinking itself into a smaller Europe-focused bank, in the most striking example yet of the deep changes the EU wants to force on banks that received state aid.