AIA, National Development Bank enters 20-year Bancassurance
partnership
NDB, one of Sri Lanka's highest capitalized private sector commercial
banks has entered into a historic 20-year Bancassurance partnership with
AIA Insurance. The insurance company, earlier known as AVIVA NDB
Insurance, was recently transformed into AIA Insurance as a result of
Asia's leading insurer AIA Group acquiring a 92.3% stake in the Company.
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AIA’s Managing Director Shah Rouf (right) and NDB’s CEO
Russell De Mel flanked by their officials who participated
in formalizing the bancassurance agreement. AIA, Amal Perera,
General Manager, Marketing and Bancassurance, Prasad
Donangoda, DGM, Bancassurance and GI Distribution and
Dilukshan De Silva. Head of Bancassurance Distribution. On
the left, from NDB, Indrajith Wickramsinghe, COO of NDB, Raj
Aboobucker, Vice President, SME and Retail Banking, Kumar
Gunawardana Asst.Vice President and Head of Remittances, New
Branch Development and Bancassurance and Terrance Jeevananth.
Manager, Remittances and Bancassurance. |
The Bancassurance agreement between AIA and NDB further strengthens
the close association the two entities have enjoyed for over a decade.
The link enabled the NDB financial conglomerate to offer life
insurance solutions to its customers in addition to its wide range of
financial services. NDB which has a network of 70 branches island-wide,
pioneered Bancasurance solutions in Sri Lanka.
"This unique partnership provides a great opportunity for the NDB
Group to strengthen our strategic alliance within the financial services
sector and the strength of AIA's leadership in the pan-Asian region will
undoubtedly boost our ability to provide our valued customers with a
range of unique bancassurance services, said Russell De Mel, CEO of NDB
Group recalling that the two entities had joined hands as far back as
1999 and have grown stronger together. Shah Rouf, Managing Director of
AIA Insurance said, "Our bancassurance partnership is of great benefit
to NDB's customers who have the convenience of a full spectrum of
financial services including life insurance solutions thanks to the
close relationship we have had for decades with NDB."
The agreement was formalized with the participation of the two CEOs,
Shah Rouf of AIA and Russell De Mel of NDB.
Indrajit Wickramasinghe, COO of NDB and Amal Perera, General Manager
of Bancassurance at AIA were among those present. |
