ING Group has announced that it has reached a 10-year alliance agreement with Malaysia's Public Bank Berhad.
According to the agreement, Public Bank exclusively is distributing ING ‘s insurance products via the bank’s multiple distribution channels, including its nearly 300 national and regional branches, insurance advisors, telemarketers and to its small and medium-sized industry and corporate clients. The agreement will enable both parties to co-operate throughout the entire Asia/Pacific region and initially in the markets where both parties are active.
Hans Noordaa, executive board member of ING Group and chairman of Insurance Asia/Pacific, said: The formalization of a long term alliance with Public Bank in Malaysia marks a significant milestone for ING. Partnering with a premier banking group such as Public Bank offers ING a strong and dynamic platform for growth opportunities initially in Malaysia and Hong Kong, and later elsewhere in the region as Public Bank expands. In addition, this alliance will also play an integral role in enhancing our multi-channel distribution capability where we are able to distribute our products via more platforms to different market segments.