Emirates NBD and MetLife sign strategic partnership
Emirates NBD, a leading bank in the region, entered into a strategic partnership with MetLife, a leading global provider of insurance, annuities and employee benefit programs, to provide comprehensive life insurance solutions to the bank’s customers. This long-term partnership was inked at a ceremony that took place at Emirates NBD’s head office, where Suvo Sarkar, General Manager - Retail Banking & Wealth Management, Emirates NBD, and Mario Valdes, General Manager, MetLife Gulf, signed the partnership agreement.
The UAE constitutes the largest life insurance market in the GCC with total gross premiums of US$8 billion. Customer penetration is still in single digits and lags the more developed economies; however, this is growing at a healthy pace supported by rising incomes and the robust economic growth that the country is witnessing.
This strategic partnership marks the coming together of two leading brands in banking and life insurance to provide world-class savings and protection solutions to the bank’s one million plus customers in the UAE. The tie-up will focus on distribution of insurance products through banking networks, one of the key recommendations proposed by the World Bank to accelerate development of the insurance sector in MENA economies.
Commenting on the partnership, Suvo Sarkar, General Manager – Retail Banking & Wealth Management, Emirates NBD, said: “We are confident that Emirates NBD’s strong legacy as a leading bank in the region, combined with MetLife’s global leadership and local expertise in the life insurance industry, will provide a strong foundation for a successful partnership. With this partnership, Emirates NBD moves one step forward towards providing superior solutions to our customers to help fulfil their financial and protection needs.”
The partnership will offer a comprehensive range of products that will enable customers to save towards their goals such as children’s education, marriage or retirement as well as ensure the family is protected against unforeseen events. The tie-up will also offer life insurance solutions to help businesses address their and their employees’ protection needs.
Mario Valdes, General Manager of MetLife Gulf, said: “MetLife’s partnership with Emirates NBD is established on the alignment of a common set of values the two organisations stand for. We look forward to building on our synergies and to take our long-standing relationship to new heights by offering Emirates NBD’s customers access to innovative and affordable solutions that meet the unique savings and protection needs of individuals, families and businesses of all sizes.”
Emirates NBD, the leading banking group in the region, was formed on 19 June 1963, when H.H. Late Sheikh Rashid bin Saeed Al Maktoum signed the Charter of Incorporation of the National Bank of Dubai (NBD) which became the first National Bank established in Dubai and the United Arab Emirates (UAE). With the blessings of H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, NBD merged with Emirates Bank International (EBI) on 06 March 2007, to form Emirates NBD, the largest banking group in the region by assets. On 16 October 2007, the shares of Emirates NBD were officially listed on the Dubai Financial Market (DFM). The merger between EBI and NBD to create Emirates NBD, became a regional consolidation blueprint for the banking and finance sector as it combined the second and fourth largest banks in the UAE to form a banking champion capable of delivering enhanced value across corporate, retail, private, Islamic and investment banking throughout the region.
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