Suez Canal Bank Signs Partnership Agreement with Allianz Egypt to Expand Bancassurance Services

Cairo, 30 January 2024 – Suez Canal Bank - an affiliate of Sanlam Allianz Africa – signed a five-year partnership agreement with Allianz Life Assurance Company Egypt to develop the scope of the company’s bancassurance services.

Life insurance services will be covered as per the agreement, a step expected to maximize the company’s competence in meeting the demands of clients and offering high-quality insurance services.

The move reflects Allianz’s perpetual commitment toward its clients, bringing about financial inclusion, offering digitally innovative state-of-the-art services as well as making use of the different partnerships it had entered to further expand and create new opportunities.

Allianz Egypt Chairman and CEO Mr. Ayman Hegazy, Allianz Life Assurance Managing Director Mr. Charles Tawdros along with Suez Canal Bank Chairman and Managing Director Mr. Hussein El-Refaie and witnessed the signing ceremony.

“We are proud of our partnership with Suez Canal Bank, reflecting our keenness on achieving a well-adjusted financial performance of banking and non-banking sectors in Egypt,” Mr. Hegazy stated.

The agreement conforms to the strategy of Allianz Egypt, which is based on different spectrums relying on efficiently investing in innovative solutions that are likely to push forward the Egyptian insurance sector toward a more sustainable future. The company has always been seeking to forge agreements with leading corporations in different fields, while adopting visions that echo our goals and, in turn, enable our clients, who belong to different age groups, to receive insurance and financial services under one roof. We hope that our partnership with Suez Canal Bank will materialize into several achievements,” Hegazy said.

On his part, Mr. Refaie said: “We aim through our partnership with Allianz Egypt to maximize the value of services offered to our clients and meet their needs through over 700 branches covering more than 19 Egyptian provinces. Allianz Egypt has always been our preferred bancassurance service provider as a leading company in the Egyptian market for the past 45 years”.

Mr. Tawdros hailed the partnership renewal, saying: “The deal with the Suez Canal Bank, which delivers its services through more than 50 branches, reflects how the company is optimistic about what such cooperation can realize”.

Mr. Usama El Aidy, Head of Retail Banking Division of Suez Canal Bank, said: "At Suez Canal Bank, we are pleased to continue our success in achieving effective integration between banking and insurance fields through our partnership with Allianz Life Insurance. We are proud to provide innovative and sophisticated banking insurance services from Allianz Egypt, where we believe in the importance of using our deep expertise in these sectors to provide comprehensive and innovative financial solutions, tailored to our customers' diverse needs".

Over the years, Allianz Egypt has maintained a portfolio of partnerships in several sectors in the country, including bancassurance, brokers, and reinsurers. The company has been working on enhancing the quality of its services through various coverage plans that fulfill the requirements of several segments of clients.