The move is in anticipation of the planned merger between Fortis and TEB Bank, Zurich Sigorta’s existing partner, and the agreement should promote Zurich Sigorta from eighth, to third-largest general insurance bancassurance player in the Turkish market.

The firm’s general manager, Lutz Bauer, comments: “This partnership is a further proof point for our stated growth strategy and demonstrates our commitment to the Turkish insurance market.”

Earlier this month, Zurich announced that it had completed the acquisition of Compagnie Libanaise D’Assurances SAL, a privately-owned Lebanese insurer with branches in the United Arab Emirates, Kuwait and Oman.

The group describes the transaction as a “milestone”, allowing it to provide market-leading products to personal and commercial customers in four important markets, while at the same time complementing its existing general insurance presence in Bahrain and the Dubai International Financial Centre.