Aviva announces that it has reached a bancassurance agreement with MDM Bank, a leading retail bank in Russia.
Aviva announces that it has reached a bancassurance agreement with MDM Bank, a leading retail bank in Russia.
As part of the agreement, Aviva provides insurance coverage for MDM card holders, as well as offers life insurance and savings products as an additional service available to bank customers. The sales will commence 1 September.
MDM Bank is one of the largest Russian privately-owned financial institutions, with a wide distribution network and a broad customer base. Starting from Moscow, MDM Bank will give Aviva access to its network of over 100 branches located in nearly 40 cities across Russia.
Speaking on the occasion, Andrei Doubinine, CEO Aviva Russia, said: "We are delighted to provide insurance cover for customers of MDM Bank, a well-established and successful business. Aviva is a leading bancassurer world-wide with a first class reputation for implementation, and we transfer our international expertise to Russia. We are confident that our know-how will help us add customer value and build a successful partnership with MDM bank".
Julia Topolskaya, head of retail, explained that adding insurance products to their range of retail banking products is a strong competitive advantage that will help strengthen customer loyalty. "We plan to develop differentiated insurance offers to all our customer segments, and believe that Aviva's expertise in bancassurance will become instrumental in achieving this".
-ends-
For further information, please contact:
Vanessa Rhodes, group media relations manager, Aviva plc
Telephone: +44 (0)20 7662 2482
Yevgenia Kroupnova, head of marketing, Aviva Russia
Telephone: +7 495 411 7 114
E-mail: yevgenia.kroupnova@aviva.ru
Notes to editors:
About MDM Bank
MDM Bank (or "MDM") is a leading independent provider of banking services in Russia. Our five areas of business are: corporate banking, retail banking, investment banking & financial markets, private banking and asset management. MDM's clients include approximately half of Russia's top corporations. Our presence in Russia is growing rapidly, and we now have a network of close to 100 full-service offices nationwide.
MDM Bank was founded in December 1993 and today is one of four largest private banking groups in Russia.
Our financial strength is underlined by credit ratings: MDM has one of the highest credit ratings among privately-owned Russian banks:
Standard & Poor's (BB-, stable)
Fitch Ratings (BB-, positive)
Moody's (Ba1, stable)
MDM Bank has a wide range of industry awards. MDM Bank was named "Bank of the Year" by The Banker magazine in 2002 and 2003, "Best Bank in Russia" for 2003 by Euromoney magazine, "Best Domestic Bank" and "Best Commercial Bank" in Russia by Global Finance magazine in 2004, "Best Bank" and "Best Investment Bank" by Emerging Markets in 2004, and "Best Domestic Bank" for 2005 by Global Finance magazine.
In 2006, Global Finance named MDM Bank the Best Bank in Russia in four Categories: Best Forex Bank, Best Domestic Bank, Best Domestic M&A Arranger, and Best Bank in Corporate Governance. MDM Bank achieved the top ranking in the Standard and Poor's Transparency and Disclosure Survey by Russian Banks in 2006 and also was awarded "A Leading Bank in Corporate Governance in Emerging Europe" by Euromoney magazine. In 2007 Global Finance named MDM Bank "Russia's Best Foreign Exchange Bank".
MDM Bank employs 4,801 people.