Cigna Finalizes its Joint Venture Partnership Agreement with Finansbank
BLOOMFIELD, Conn., November 09, 2012 - Global health service company Cigna (NYSE:CI) has finalized its purchase of a 51% stake in Finansbank's insurance subsidiary, Finans Emeklilik, the sixth largest life and pension product provider in Turkey through in-branch banking channels. Cigna received regulatory approval of the acquisition from the Treasury of Turkey in early November.
Finans Emeklilik will be part of Cigna's Global Individual Health, Life & Accident business and will provide Cigna greater access to serve a rapidly expanding middle class market in Turkey through Finansbank's network of over 500 retail banking branches. Leveraging Cigna's expertise in direct to consumer channels, Finans Emeklilik can expand distribution and sell life, pension and other health, life and accident products through a 15-year exclusive distribution agreement with Finansbank. This arrangement provides the joint venture with distribution capabilities via the bank's extensive branch network and sizeable customer base.
"This unique joint venture will strengthen Cigna's presence in Turkey and enables us to offer an expanded range of products to Finansbank's base of over 10 million customers," said Jason Sadler, President, Global Individual Health Life & Accident, Cigna.
"Forming this critical joint venture will enable greater value for both the bank and Cigna by combining innovative offerings with a powerful retail platform," said Temel Güzeloglu, CEO of Finansbank. "We look forward to a successful, long-term partnership."
Cigna Corporation (NYSE: CI) is a global health service company dedicated to helping people improve their health, well-being and sense of security. All products and services are provided exclusively by or through operating subsidiaries of Cigna Corporation, including Connecticut General Life Insurance Company, Cigna Health and Life Insurance Company, Life Insurance Company of North America and Cigna Life Insurance Company of New York. Such products and services include an integrated suite of health services, such as medical, dental, behavioral health, pharmacy, vision, supplemental benefits, and other related products including group life, accident and disability insurance. Cigna maintains sales capability in 30 countries and jurisdictions, and has approximately 71 million customer relationships throughout the world. To learn more about Cigna®, including links to follow us on Facebook or Twitter, visit www.cigna.com.
Finansbank is the fifth-largest privately owned bank in terms of assets in Turkey (as of 31 December 2011). Finansbank is listed on the Istanbul Stock Exchange. Finansbank provides a wide range of retail banking products and services, as well as commercial, private and investment banking. It is one of the prominent retail banks in the market, and holds top tier rankings in terms of key retail banking products such as credit cards, mortgages, consumer loans, debit cards and overdrafts. As of 31 December 2011, Finansbank's distribution network included 522 branches and 10,837 staff in Turkey.
About Finans Emeklilik
Finans Emeklilik was founded in July 2007 and launched its pension operations in November 2008. It is active across all main life insurance products, including term life insurance, non-credit linked life insurance, and bundled insurance products as well as non-credit linked individual life insurance products, in addition to a selection of pension products. Finans Emeklilik is the 6th largest bancassurance company in the market accounting for a 6.1% market share in 2011, and is actively growing its private pension business, generating 22,624 net new contracts in 2011, which accounted for 6.3% of the market.
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