Canada-based Scotiabank has signed a long-term bancassurance pact BNP Paribas Cardif, to better serves its customers in the Pacific Alliance Countries.

The agreement will be valid for a period of 15 years. Both the partners have agreed to develop protection and insurance plans which will be distributed to Scotiabank’s nine million retail customers in the Pacific Alliance Countries.

As part of the agreement, BNP Paribas Cardif will invest C$30m ($m) to further develop Scotiabank’s digital capabilities.

Subject to regulatory approvals, the respective local agreements will be signed in each country in the coming weeks.

Scotiabank international banking and digital transformation group head Ignacio (Nacho) Deschamps said: “As a leading bank in the Pacific Alliance, Scotiabank is committed to the region and we are excited to be able to jointly serve our retail customers across the region with world–class protection solutions that enhance the banking and insurance experience.

“This regional strategic alliance marks the beginning of a new phase for the insurance business in our main markets in Latin America, offering an integral value proposition for our customers using digital technology.”

BNP Paribas Cardif Latin America CEO Francisco Valenzuela said: “Our mission as a company is to make insurance accessible to the largest possible number of people. Today, there is a great opportunity in Latin America since 70% of its people are not protected.

“With our expertise and Scotiabank’s network reach, this strategic alliance enhances the best in both companies, creating a unique proposal. Scotiabank is the perfect partner for this challenge.”

BNP Paribas Cardif co-creates solutions with nearly 500 partner distributors in various sectors and with financial advisors and brokers who market the products to their customers.

BNP Paribas Cardif serves 100 million clients in 35 countries with strong positions in three regions – Europe, Asia and Latin America.