BSP OKs EW-Ageas insurance venture | Inquirer Business
Close  

BSP OKs EW-Ageas insurance venture

/ 01:21 AM October 08, 2015

The Bangko Sentral ng Pilipinas (BSP) has approved East West Banking Corp.’s entry into an insurance venture with Ageas Insurance International NV, one of Europe’s largest insurers.

In a disclosure to the Philippine Stock Exchange, the Gotianun-led EW Bank said the BSP had given the go-ahead for the bank to infuse P500 million in initial equity into the joint venture with Ageas.

ADVERTISEMENT

EW Bank and Ageas have formed a 50-50 percent partnership to establish a new life insurance company to be called EastWest Ageas Life.

Part of the deal is a 20-year exclusive distribution agreement.

FEATURED STORIES

The aspiration, according to the bank, is to build a “premier bancassurance business in the Philippines offering tailor-made insurance solutions to the customers of EW Bank supported by high quality service and state-of-art technology.”

Bancassurance, a new growth area for many banks, refers to the cross-selling of insurance products in bank branches.

The insurance business is seen to benefit from EW Bank’s growing customer base. With more than 400 branches, EW Bank has the seventh largest distribution network among banks in the Philippines.

Belgium-based Ageas  is seen to contribute to the joint venture its bancassurance skills and best practices from its successful businesses in Asia and Europe. Ageas  operates successful partnerships in Belgium, the UK, Luxembourg, Italy, Portugal, Turkey, China, Malaysia, India and Thailand. It has subsidiaries in France, Hong Kong and the UK.

Ageas is the market leader in Belgium for individual life and employee benefits, as well as a leading non-life player through AG Insurance.

EW Bank sees bancassurance as an integral part of its business model and as a necessary ingredient to complete its product offerings to the targeted consumer and middle-market corporate segments.  The bank has been diversifying its product offerings, taking advantage of the flexibility offered by its universal banking license.

Ageas , for its part, is establishing its presence in the Philippine market as part of its Asian expansion strategy.

Read Next
Don't miss out on the latest news and information.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Ageas Insurance International NV, bancassurance business, Bangko Sentral ng Pilipinas, BSP, East West Banking Corp., EastWest Ageas Life
For feedback, complaints, or inquiries, contact us.

Curated business news

By providing an email address. I agree to the Terms of Use and
acknowledge that I have read the Privacy Policy.



© Copyright 1997-2022 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.