Faysal Bank recently signed a "Bancassurance Distribution Agreement" with EFU Life at Karachi. According to this agreement, Faysal Bank will offer EFU Life Bancassurance products to its existing and potential customers through its widespread distribution channels. Offering insurance investment products is in line with the Bank's commitment of continuous improvement and product innovation.
The agreement was signed by the respective CEOs of the two companies. Naved A Khan, President & CEO of Faysal Bank said, "with the inclusion of bancassurance products we aim to make Faysal Bank a one-stop financial service provider which offers a range of solutions to cater to a diverse array of customer needs. We aim to write a success story in bancassurance with EFU Life as our partner." Faysal Bank Limited has operated branches in Pakistan since 1987 with a present network of 129 branches, 2 sub-branches and one sales and service centre. The strength and stability of the bank is evident through the Credit Rating assigned by JCR-VIS of "AA" (Double A) for long to medium and "A-1+" (A One Plus) for the short term.
EFU Life is the largest private sector life insurance company in Pakistan and was established in 1992. EFU enjoys a market share of more than 50 percent of the private sector life premium income with a Credit Rating assigned by JCR-VIS of "AA-" (Double A Minus), Stable outlook.
Making his comments at the ceremony, Taher G Sachak CEO and MD of EFU Life said, "EFU Life is at the forefront of Bancassurance in Pakistan. We look forward to a productive and long lasting alliance with our partner and are confident of their strong focus on customer centric products and services. We plan to generate greater customer awareness and increase the penetration level of Bancassurance products in Pakistan through our collaboration with Faysal Bank."-PR