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In today’s
press conference, Marfin and CNP Assurances announced the initiation of the
strategic partnership that was agreed on 22 July 2008.
The
strategic partnership was achieved through the purchase by CNP of the
50,1 % of the share capital of the Cyprus based Company Marfin Insurance Holdings,
which is the parent company of all the insurance companies of Marfin group in
Cyprus and
Greece, obtaining in this way the
management control of the companies.
The key
target of the partnership is to better serve the customers of Marfin Group in
insurance business. In all the countries CNP operates, it has strategic
partnerships for the distribution of its products with banking institutions
and/or local post offices. This experience will help the aim of Marfin Group to
establish the leading position currently held in the Cyprus Insurance market, to
strengthen its position in the Greek market claiming a market share analogous to
its banking market share and to target for new insurance markets in countries
where Marfin already has banking presence.
In
Greece, CNP-MARFIN’s key target is to
take advantage of the synergies between the company and Marfin Group for the
increase in sales of insurance products as well as the reduction of distribution
costs of these products. The ultimate target is for CNP-MARFIN to achieve within
the next 3-5 years a significant market share, similar to the one enjoyed by
Marfin Egnatia Bank in the banking sector. CNP’s experience will contribute
significantly to this success through the design of new insurance products as
well as the synergies created with the banking networks. The aim is to introduce
new insurance products, automate administration and distribution processes, the
on-going training of the banking network in selling insurance products and
servicing the clients, and the packaging of insurance and banking products sold
through the branch network.
In
Cyprus the leading position of
CNP-MARFIN will be enhanced significantly based on the experience of CNP in the
management of banking distribution networks. The aim is to enrich the
bancassurance product offering, further automate the administration and
distribution processes and combine insurance and banking products sold through
the branch network.
In the
international field, CNP-MARFIN will exploit the opportunities arising from the
development of the banking network of Marfin Group in Eastern Europe in order to take advantage of these
opportunities where it can create value for the
shareholders.
Press
Relations
Alexis Nugues
Tel : +33 (0)1 42 18 83 29
E-mail : servicepresse@cnp.fr
Investor and Analyst
Relations
Jim Root
Tel : +33 (0)1 42 18 71 89
Jean-Yves Icole
Tel : +33 (0)1 42 18 94 93
E-mail : infofi@cnp.fr
Some of the statements contained in this press release may be
forward-looking statements referring to projections, future events, trends or
objectives which, by their very nature, involve inherent risks and
uncertainties. Actual results could differ
materially from those currently anticipated in such statements by reason of
factors such as changes in general economic conditions and conditions in the
financial markets, legal or regulatory decisions or changes, changes in the
frequency and amount of insured claims, particularly as a result of changes in
mortality and morbidity rates, changes in surrender rates, interest rates,
foreign exchange rates, the competitive environment, the policies of foreign
central banks or governments, legal proceedings, the effects of acquisitions and
the integration of newly-acquired businesses, and general factors affecting
competition.
Further information regarding factors which may cause results to
differ materially from those projected in forward looking statements is included
in CNP Assurances’ filings with the Autorité des Marchés Financiers. CNP Assurances does not undertake to update any
forward-looking statements presented herein to take into account any new
information, future event or other
factors. |
