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Denizbank, a Turkish lender largely owned by Europe’s Dexia, has agreed to sell its insurance operations in Turkey for 161.9 million euros to U.S.-based Metlife, a statement from the lender said Monday.
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According to the agreement on sales of 99.86 percent of stake, Denizbank branches will continue to sell Metlife’s individual retirement and life insurance policies for 15 years.
“In addition to the acquisition amount, Metlife will keep on paying a portion of its revenues from the policies sold at Denizbank branches for 15 years,” the statement said.
In accordance with the deal between the lender and American Life, MetLife’s investment in Turkey, the name of the insurance branch will be changed within six months.
The acquisition is beneficial for both parties, according to Hakan Ateş, the Denizbank General Manager. “Deniz Insurance was chosen by Metlife, the prominent global life insurance company, thanks to traits such as high profitability, strong capital structure and rapid growth performance,” he said.
Turkey is a strategic market for MetLife, said Michel Khalaf, the American company’s regional CEO. “A strong long-term partnership with a banking leader such as Denizbank is very important to us.” |
Source : hurriyetdailynews.com
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