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Citibank, AIA team up on bancassurance
Citibank Indonesia and AIA Indonesia announced on Thursday a new long-term bancassurance partnership to meet the needs of the countryâs increasingly affluent population
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itibank Indonesia and AIA Indonesia announced on Thursday a new long-term bancassurance partnership to meet the needs of the country's increasingly affluent population.
The strategic alliance between Citibank and AIA is part of the agreement signed by both companies' Asia Pacific regional offices last December.
'Indonesia is the ninth out of 11 countries in the region for our partnership,' Lauren Sulistiawati, country business manager of global consumer banking at Citibank Indonesia said during the signing ceremony.
Citibank Indonesia insurance business head Armand Furhad said his company would offer AIA's products for wealth protection, accumulation and distribution to existing Citibank customers, especially those in the affluent and emerging-affluent segment.
'We will launch bancassurance products for our affluent and emerging-affluent customers on Oct. 20. Next year, we will continue with a product offering for our credit card customers,' he said. However, Armand declined to reveal his company's targets for the partnership.
Armand said insurance penetration was currently less than 20 percent of total customers registered with Citigold, Citibank Indonesia's priority banking division.
The lender currently serves more than 100,000 retail customers in Citigold and Citi Banking, its regular banking division.
AIA Indonesia CEO Ben Ng said his company was delighted to enter the partnership as both parties had large customer bases. AIA has 28 million customers in the Asia Pacific region, including 1.1 million in Indonesia.
