Under the deal, the bank, known as Rakbank, will sell Generali’s unitlinked Vision and Choice products to investors in the country.
Derek Gemmell, director of intermediary sales Assicurazioni Generali said: “I am confident the partnership with Rakbank will be a significant one for both organisations.
“This agreement provides us with an effective way to expand our business model and promote our products, and Rakbank brings with it a wealth of expertise of the local market and a highly reputable brand in the region. We look forward to a successful partnership, which will bring benefits to our respective companies.”
Deepak Ahuja, head of wealth management at Rakbank, said: “We are pleased to be adding Generali’s products to our platform of bancassurance solutions and we look forward to working with one of the leading insurance players in the world, especially one that shares our customer-focused approach.”
At the end of last year Zurich, one of Generali’s three major competitors in the UAE, signed a 15-year bancassurance agreement with Citi bank to distribute its life insurance products to retail clients across the Middle East.
Due to come into force in Q1 this year, the deal covers the UAE and, subject to regulatory approval, Bahrain.
The deal also covers Citi’s non-resident Indian business in the Middle East.
