Greece-based commercial bank Alpha Bank has confirmed that it has signed a long-term cooperation agreement with French insurer AXA for the distribution of AXA's insurance products through the Greek bank's extensive branch network. At the same time, Alpha Bank has also finalized the sale of its subsidiary Alpha Insurance to AXA, for E255 million.
<p>Under the terms of the agreement, Alpha Bank will manage the distribution side of the business, while the production and the insurance risk will be undertaken by AXA.<br /><br />The agreement is expected to lead to rapid growth in the highly dynamic bancassurance sector in Greece, through the combination of Alpha Bank's strong brand name in the region and AXA's worldwide experience. <br /><br />The partnership will also see the companies collaborate to offer life and non-life products. <br /><br />The cooperation between the two parties has already started on a positive note, with infrastructure being set up by adapting AXA's' systems used in other countries to the characteristics of the Greek market.</p>