PNB MetLife inks distribution tie-up with Bank of Bahrain and Kuwait B.S.C (BBK)
Mumbai, November 6, 2017: PNB MetLife, one of India’s leading private life insurers, has signed a corporate agency agreement with Bank of Bahrain and Kuwait B.S.C (BBK), one of the largest commercial banks in Bahrain, to distribute the Insurer’s retail and group products to BBK’s customers in India.
As a part of this tie-up, PNB MetLife will offer its wide array of best-in-class and innovative insurance solutions to BBK’s India customers spread across its branches. Bancassurance tie-up forms an important part of the PNB MetLife’s growth strategy and the company has forged many successful alliances, to enhance its distribution footprint in the country.
Commenting on the tie-up, Mr. Ashish Srivastava, MD & CEO, PNB MetLife India Insurance, said, “PNB MetLife has always endeavoured to be ahead of the curve in designing innovative insurance solutions for our customers and it was only natural for us to look at a partner who shares the same ethos. We are glad to announce our partnership with BBK, whereby we will be able to offer customised insurance solutions to BBK customers.”
Expressing his happiness on coming together of the two great institutions that carry a strong legacy, Mr. Mallikarjun Kota, Country Head and Chief Executive Officer had stated that, “Bank of Bahrain & Kuwait B.S.C., has been operating in India for over 30 years and is growing consistently both in terms of Branch presence and business through diversified product offerings to the salaried class. BBK being one of the largest banks in GCC region and a DSIB in Bahrain, intends to leverage its strong presence in the region and amongst the Indian diaspora to serve with most suitable solutions .”
With this partnership, BBK customers will get access to PNB MetLife’s entire portfolio of products across protection, health, savings, wealth, and rural plans.
About PNB MetLife India Insurance Company Limited
PNB MetLife India Insurance Company Limited (PNB MetLife) has as its shareholders MetLife International Holdings LLC. (MIHL), Punjab National Bank Limited (PNB), Jammu & Kashmir Bank Limited (JKB), M. Pallonji and Company Private Limited and other private investors, with MIHL and PNB being the majority shareholders.
For more information, follow us on twitter @PNBMetLife1, www.facebook.com/PNBMetLife or visit www.pnbmetlife.com
Bank of Bahrain and Kuwait (BBK) was incorporated in Bahrain in March 1971 with the committed objective of providing a range of efficient and personalized banking facilities. BBK’s first overseas branch was established in Kuwait in 1978. BBK is one of the largest commercial bank in Bahrain with 16 local branches.5 full-fledged overseas branches and a Representative Office in Dubai.
BBK specializes in providing structured finance to mid corporates and in the SME region. It also provides ECBs to large corporates in India for eligible purposes. BBK has its presence in India since 1986 as a scheduled commercial bank. BBK India branches located in Mumbai, Hyderabad, Aluva (Kochi) & New Delhi are equipped with full-fledged NRI desk that cater to variety of needs of Non-Resident Indians like personalized banking share market investments, portfolio investment services, mutual fund investments etc.