National Bank of Fujairah seals strategic tie-up with Oman Insurance
Distribution agreement will deepen service offerings to include general and life insurance solutions
The National Bank of Fujairah (NBF) has announced the signing of a strategic agreement with Oman Insurance Company (OIC) that would see the bank distribute a comprehensive suite of insurance solutions through its distribution network.
Through the partnership, NBF will gradually introduce a series of products over the next few years starting with general protection plans like mortgage, motor and salary insurance, before moving on to longer-term and more sophisticated solutions such as life, child education and investment-plus-protection plans.
NBF CEO Vince Cook said that the partnership is a natural extension of the bank's growth plans and customer engagement strategy: "NBF has traditionally focused on its core strengths in corporate and commercial banking, trade finance and treasury, and we now see an opportunity to deepen our longstanding client relationships with a wider range of personal banking products.
"We are therefore taking steps to invest in our distribution channels and product suite, and a partnership with an established and reputable provider such as OIC is an important part of our plans to becoming an integrated financial services provider."
Sharif Mohamed Rafei, NBF's Head of Retail Banking and Fujairah region, said that the introduction of bancassurance products will offer the bank's customers further peace of mind: "The desire to protect oneself and one's family is universal, and our customers have learned to trust us to provide simple, convenient and competitive products to meet their needs.
"NBF's new bancassurance products will strengthen our efforts to become a one-stop destination for our customers' financial and security needs."
OIC CEO Patrick Choffel said: "I am confident that this partnership will be a significant one for NBF and OIC. As the largest insurance company in the UAE and second largest in the Middle East, we can bring the strength of our insurance expertise to bear on behalf of NBF. We also look forward to leverage the bank's deepening distribution network and strong client portfolio in the UAE to enhance the growth and profitability of both companies."
As part of ongoing network enhancement efforts, NBF has recently launched a branch in Fujairah City Centre and renovated its branches in locations ranging from Sharjah to Abu Dhabi. It also received the coveted Best Commercial Bank, Trade Finance and Treasury Management prizes at the recent Banker Middle East awards.