Raiffeisen Bank and AIG Life team up

Raiffeisen Bank Romania has decided to become more involved in the insurance field. Although considering 2003 will be the life insurance year, the bank has chosen not to venture alone on this segment, preferring to team up with insurer AIG Life-Romania instead, to provide bancassurance. Under the circumstances, the bank and AIG Life Romania signed a strategic partnership deal aimed at developing joint financial, banking and insurance packages, as well as using the banking office network to sell insurance products. “Our studies showed next year would be the year for cards and life insurance. Were we to establish our own insurer, we would be unable to catch up and we would not have the expertise of the major international groups available when we first start. This is why we chose to team up with AIG Life and offer our clients the best products there are,” said Rasvan Radu, Raiffeisen Bank vice-president in charge of the project. ZF