Bank Muscat and AIG Form Bancassurance Partnership in Oman
Bank Muscat, the flagship financial services provider in the Sultanate of Oman, and American International Group, Inc (NYSE: AIG) today announced that they have entered into a 10-year strategic bancassurance agreement under which AIG will become the exclusive provider of non-life insurance products to Bank Muscat customers in Oman.
Bank Muscat is the leading bank in Oman and one of the leading bancassurance providers in the Middle East. The bank’s million plus customers and extensive distribution network of 138 branches throughout Oman offer the opportunity for significant insurance penetration within the country.
AIG, one of the world’s largest insurers, is a major bancassurance provider with a number of key bank relationships around the globe. AIG’s strong commitment and investment in the partnership with Bank Muscat will benefit the bank’s customers with world-class insurance coverage and service through new and inventive distribution channels.
AbdulRazak Ali Issa, Chief Executive, said: “As the flagship bank in Oman, we are very pleased to collaborate with AIG as part of this bancassurance relationship, which will allow us to continue to enhance the value that we offer to our customers through a dynamic channel. This partnership serves as an excellent opportunity to provide a superior experience to our customer base, with a focus to help them meet their evolving insurance needs over the long term.”
Peter Hancock, Chief Executive Officer of AIG Property Casualty, said: “Our strategic partnership with Bank Muscat highlights our commitment to deliver value-added insurance solutions to the bank’s customers – and more broadly, to the advancing insurance market in Oman – as part our leading consumer proposition there, particularly for accident and health products. We look forward to working with Bank Muscat over the span of the relationship, with a goal to significantly invest in the development of new insurance products and distribution channels for the benefit of their core customers.”
In the initial phase of the partnership, the range of insurance products available to Bank Muscat’s individual and family customers will include motor coverage, as well as a series of premium products under the bank’s Hayatuna insurance plans. These products include family protection, critical illness, hospital cash, domestic helper and home contents protection. Additional products will be launched as the partnership evolves.
Bank Muscat customers will be able to purchase insurance policies within the network of the bank’s branches. Other innovative point-of-sale channels offering purchasing convenience for the bank’s customers will be introduced over time.
For the bank’s current Hayatuna policyholders, the relationship between Bank Muscat and AIG will maximise the continuity of service on which they rely; current policy benefits and premiums will not be affected as a result of AIG’s designation as Bank Muscat’s non-life insurance partner. For clarifications about the AIG Hayatuna affiliation, the AIG Hayatuna helpline can be contacted on 800 78 707 or via e-mail at Customercare.Oman@aig.com.
With assets worth over USD 15 billion, BankMuscat (SAOG) is the leading financial services provider in Oman with a strong presence in Corporate Banking, Retail Banking, Investment Banking, Treasury, Private Banking and Asset Management. Firmly positioned to exceed one million satisfied customers in 2010, the Bank has the largest network of 129 branches, 379 ATMs, 120 CDMs and 4500 PoS terminals.
The international operations consist of a branch each in Riyadh (Saudi Arabia), Kuwait and a Representative Office in Dubai (UAE). BankMuscat currently owns 49% of BMI Bank B.S.C ©, an independent bank in Bahrain. The Bank also has a 43% stake in the Mangal Keshav Group, one of the oldest and most respected securities houses in the fast-growing Indian equities market, 97% stake in Muscat Capital LLC, a newly created brokerage and investment banking entity in Saudi Arabia, besides a stake in Silkbank Ltd. in Pakistan.