Italian lender UniCredit has signed two strategic bancassurance agreements with Allianz and Generali to distribute insurance solutions in Central and Eastern Europe (CEE).

Under the agreement, UniCredit will distribute a number of insurance products for individuals and small-businesses in Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic, Hungary, Romania, Serbia, Slovakia and Slovenia.

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Set to be effective in the second half of 2018, the long term partnerships will mainly focus on the life and non-life products with Allianz and on the credit protection insurance (CPI) products with Generali.

UniCredit noted that the collaboration will boost its current activities in the CEE Bancassurance business.

UniCredit recently created the CEE Bancassurance Business Area, which helped the bank to streamline its bancassurance operations in CEE.  The CEE Bancassurance Business Area will be headed by Arcangelo Vassallo.

UniCredit head of CEE division Carlo Vivaldi said: “These partnerships will enhance our offering by delivering a full range of insurance products as well as outstanding services to our individual and small business clients, leveraging on our leading position in the region as well as the recognised brands of Allianz and Generali.”

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Allianz regional CEO of CEE Petros Papanikolaou added: “UniCredit’s customers will benefit from our extensive expertise as demand rises for life, health, property and casualty insurance in CEE. We can now protect those customers at key moments in their life.

“UniCredit and Allianz share a commitment to continue growing in CEE. We are pleased that UniCredit has chosen Allianz as best solution provider for their customers, and we view this partnership as a confirmation of our successful strategy in CEE.”