21st Nov 2007 07:30
Aviva PLC21 November 2007 News release 21 November 2007 AVIVA ANNOUNCES JOINT VENTURE WITH BANK ZACHODNI WBK IN POLAND Aviva plc ("Aviva"), the international savings, investments and insurance group,has entered into an exclusive 15 year bancassurance partnership with BankZachodni WBK ("BZ WBK") to sell life and general insurance products through BZWBK's bank network in Poland. Under the terms of the agreement, Aviva and BZ WBK will each hold 50% of theequity share capital of two newly established joint venture companies and willeach contribute 50% of the total £13.2million1 working capital for the newcompanies. The joint venture companies will manufacture life and general insurance productsrespectively, distributed through the exclusive arrangement with BZ WBK. Theagreement will provide access to BZ WBK's 1.4million customers through itsnetwork of over 400 branches across Poland. BZ WBK is a top five player interms of assets in the Polish market. Philip Scott, group finance director of Aviva, said: "I'm delighted we've agreeda long-term exclusive partnership with BZ WBK, which builds on a relationshipdating back more than a decade. The bancassurance arrangement willsignificantly enhance Aviva's distribution network in Poland, complementing ourwell-established direct sales force and the direct motor insurance service whichwill launch later this month. The Polish economy is booming and thispartnership will give us a significant competitive advantage in this rapidlygrowing market." The agreement remains subject to regulatory approval. The joint venturecompanies are expected to be operational in the third quarter 2008. -ends- 1Sterling equivalent of 67.2 million Polish zloty calculated at an exchange rateof 5.11 Polish zloty = £1.00 Enquiries: MediaVanessa Rhodes, group media relations manager +44 (0)20 7662 2482Sue Winston, head of group media relations +44 (0)20 7662 8221James Murgatroyd/Ed Simpkins, Finsbury +44 (0)20 7251 3801 AnalystsSusie Yeoh, investor relations manager +44 (0)20 7662 2117Charles Barrows, investor relations director +44 (0)20 7662 8115 Notes to editors: Aviva • Aviva is the leading provider of life and pensions to Europe with substantial positions in other markets around the world, making it the world's fifth largest insurance group based on gross worldwide premiums at 31 December 2006. • Aviva's principal business activities are long-term savings, fund management and general insurance, with worldwide total sales of £41.5 billion and assets under management of £364 billion at 31 December 2006. • The Aviva media centre at www.aviva.com/media includes images, company and product information and a news release archive. • Aviva in Poland, operating under the Commercial Union brand, is the largest pensions provider in Poland with a 28% market share and it is the second largest life insurance business in the country. It has six business units with over 1,000 staff and 3,000 tied insurance agents. The CU Group is among Poland's largest financial groups with over 3 million customers. Bank Zachodni WBK • A top five Polish universal bank offering products for retail and corporate customers. It has a network of 400 branches throughout Poland. Its largest shareholder is Allied Irish Bank Group. Bank Zachodni WBK has been a minority shareholder in CU Poland since 1992 and is a strategic bancassurance partner. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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