HSBC and Zurich sign 10-year exclusive distribution agreement for MENA

Apr 24 2012

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HSBC Middle East has entered a strategic partnership with Zurich and selected them as their exclusive partner for the distribution of Wealth Insurance products in UAE, Qatar and Bahrain, with other Middle East and North Africa (MENA) markets to be considered in the future.

The 10 year exclusive contract with Zurich brings considerably improved commercial terms for HSBC. Most importantly, it brings significant value for HSBC’s customers in terms of product quality and diversity, and enhanced wealth insurance capabilities. The agreement follows on from HSBC’s announcement last month of ten year non-life bancassurance agreements with AXA in Hong Kong, Singapore, India, China, Indonesia and Mexico, and with QBE for Hang Seng and in Argentina.

The alliance will enable HSBC’s Retail Banking and Wealth Management (RBWM) business in MENA to build specialist expertise in its Wealth Insurance business and provide a consistent experience to HSBC customers in UAE, Qatar and Bahrain, in line with HSBC’s Global Wealth transformation strategy.

Francesca McDonagh, Regional Head of Retail Banking and Wealth Management said, “This agreement falls completely in alignment with HSBC’s strategy to build longer-term, exclusive alliances with preferred strategic partners to deliver more value to our customers. Providing best-in-class wealth insurance solutions is a core part of our wealth management strategy in MENA. As a result of this collaboration, we will be able to provide greater benefits and better service to our customers. HSBC customers will see a more comprehensive, yet simple range of wealth insurance solutions aligned with their protection and investment needs, and delivered in an efficient, customer-centric approach.”

The strategic partnership will be implemented across UAE, Qatar and Bahrain first and will provide HSBC the depth and breadth to drive its Wealth Insurance business further across important wealth markets.

Thorsten Kocherscheidt, CEO of Zurich’s Global Life business in Middle East and Africa comments, “Zurich and HSBC already have an extensive relationship in the Middle East and I am delighted that this has been formalized into a long-term exclusive arrangement in UAE, Qatar and Bahrain. We look forward to developing first-class propositions for HSBC’s Retail Banking and Wealth Management customers across the region. This agreement also underlines Zurich’s commitment to grow in emerging markets.”

Zurich have been a preferred strategic partner of HSBC since 2008 and this Middle East partnership further strengthens the global relationship.

HSBC in the MENA Region
HSBC is the largest and most widely represented international banking organisation in the Middle East and North Africa (MENA), with a presence in 14 countries across the region. HSBC has operations in the United Arab Emirates, Egypt, Qatar, Oman, Bahrain, Kuwait, Jordan, Lebanon, Pakistan, Algeria and the Palestinian Autonomous Area. In Saudi Arabia, HSBC is a 40% shareholder of Saudi British Bank (SABB), and a 49% shareholder of HSBC Saudi Arabia for investment banking in the Kingdom. In Iraq, HSBC holds a majority shareholding in Dar Es Salaam Investment Bank. HSBC also maintains a representative office in Libya.

This presence, the widest reach of any bank in the region, comprises some 273 offices and around 12,000 employees. In the full year 2011, HSBC in the MENA region made a profit before tax of US$1,492m.

HSBC Holdings plc
HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The Group serves customers worldwide from around 7,200 offices in over 80 countries and territories in Europe, the Asia-Pacific region, North and Latin America, the Middle East and Africa. With assets of US$2,556bn at 31 December 2011, HSBC is one of the world’s largest banking and financial services organisations.

Zurich Insurance Group
Zurich Insurance Group (Zurich) is a leading multi-line insurance provider with a global network of subsidiaries and offices in Europe, North America, Latin America, Asia-Pacific and the Middle East as well as other markets. It offers a wide range of general insurance and life insurance products and services for individuals, small businesses, mid-sized and large companies as well as multinational corporations. Zurich employs about 60,000 people serving customers in more than 170 countries. The Group, formerly known as Zurich Financial Services Group, is headquartered in Zurich, Switzerland, where it was founded in 1872. The holding company, Zurich Insurance Group Ltd (ZURN), is listed on the SIX Swiss Exchange and has a level I American Depositary Receipt program which is traded over-the-counter on OTCQX.

Further information about Zurich is available at

Media enquiries for Zurich:
Steven Greenfield
+971 4 4252376
+971 50 6547922

Riccardo Moretto
+41 44 625 39 45
+41 (0)79 419 21 15

Media enquiries for HSBC Bank Middle East:
Farah Farooq
+971 4 4235635
+971 56 6867337

Ahmad Othman
+971 4 4235628
+971 50 3069313

© Press Release 2012


Tuesday, April 24th, 2012 EN

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