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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.
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