Standard Chartered Bank and American Life Insurance Company (Alico) AIG Life in Bahrain, have entered into a strategic arrangement to launch Bancassurance products from the bank's branches.

The range of products includes retirement plan, child education, wealth creation and savings, that include investment options designed to assist customers to plan for specific life time events.

The partnership agreement was signed by Standard Chartered Bank Bahrain chief executive officer Jonathan Morris and Alico AIG Life for Measa region Bancassurance and direct marketing vice-president Bernard Camaret.

The tie up between Standard Chartered Bank and Alico AIG Life, marks the collaboration between two global financial services brands and the countries most well established financial institutions.

'We are pleased to be associated with Alico AIG Life, a world renowned life insurance company,' said Morris.

'This strategic partnership will strengthen our Bancassurance proposition and increase the investment options available to our customers. Our aim is to continue to provide the best services and products to our customers.

'With the launch of this new initiative, we can provide financial stability to our customers when they need it the most by safeguarding their future and giving them financial freedom,' he added.

'The Bancassurance product will offer a medium to long term investment and savings plan with wide protection option,' said Standard Chartered Bank regional head of consumer banking, Northern Gulf, Levant and Oman, B Chandrasekhar.

'It will allow the customer to take an investment decision and facilitates wealth creation, accumulation and protection. The product offers flexibility to the customer in choosing the term, benefits and the amount of premium.

'The plans have been specifically tailored to address the needs of the growing Bahrain market. We have joined hands with Alico AIG Life, to provide the best solutions for our customers.

'In the near future, more reputed providers will be added to our product range in order to cater to our customer base,' he added.

'Alico AIG Life is proud to start a partnership with Standard Chartered Bank, which is one of the most reputable banks, both regionally and globally,' said Alico AIG Life deputy general manager, Gulf, Fadi Chammas.

'This partnership will definitely benefit the bank clients and the Bahraini market, particularly that Alico AIG Life has been present in Bahrain since 1960.' - TradeArabia News Service