BBK Chief Executive A. Karim Bucheery and BKIC Chief Executive Officer Ebrahim Al-Rayes signed a memorandum of understanding paving the way for an early launch of an improved business model most suitable for the customers of the bank in Bahrain.
The new agreement also envisages introduction of some "exciting new and innovative" products hitherto not available to the consumers in Bahrain.
"BBK and BKIC created history over a decade ago when the two organizations entered into a formal Bancassurance agreement on April 22, 2000. That was the first of its kind in Bahrain and also one of the earliest Bancassurance arrangements in this region. After 10 successful years of implementation and in line with their commitment to their customers and stakeholders, the two organizations have decided to carry out a thorough review and enhance the products and services offering, forecasting the future demands of the market.
The two leading institutions in banking and insurance sectors, agreed to expand their existing partnership and explore new business synergies available from their respective areas of expertise.
"Working hand in hand with our partners such as BKIC, providing innovative insurance solutions and striving to continue enhancing them is a testament of our commitment to support our customers and offer them all the tools necessary to ensure their peace of mind," said Bucheery.
"This initiative is a key strategic agreement aimed at enhancing the offering we do to our partners as we constantly focus on meeting and exceeding their evolving needs. We are glad that this partnership is going from strength to strength being the result of a great leadership and a team of highly qualified experts from both organizations," said Al-Rayes.
The signing ceremony held at the bank's head office in Manama was also attended on behalf of BKIC by GM Waleed Mahmood, DGM Sai Gopal and Jalal Khalil Hussain, AGM business development, and on behalf of BBK by Reyadh Sater, GM Shared Services Group, Ghazi Ahmed, department head of business development, Mohammed Zainalabedin, department head of real estate and Bancassurance, and Rafa Kaddoura, department head of corporate communications.
