A natural alliance

Raiffeisen Bank Polska and the UNIQA insurance group in Poland have signed an agreement to create a partnership between the two companies. The agreement came as a consequence of the companies' development in Poland, as both groups look to duplicate the experience of the firms' mother companies, which have been cooperating on the Austrian market since 1970.

The two companies have agreed to cooperate on the Polish market in the field of insurance distribution, as well as in selling other financial products, such as investment and security insurance.

Raiffeisen will offer clients UNIQA's insurance products, such as life and property insurance. In addition, the group will offer insurance covering credit cards and consumer loans to Raiffeisen's customers.

"The importance of bancassurance as the main distribution channel of life insurance is increasing, and therefore our sale through banks and other financial organizations is significant for UNIQA. The partnership with Raiffeisen Bank Polska is our highest priority," said Jarosław Parkot, president of insurance group UNIQA in Poland.

Also, beginning from the first quarter of 2007, a new, dual-brand credit card will be introduced to customers of Raiffeisen and UNIQA.

"UNIQA is a credible partner which offers competitive products," said Artur Maliszewski, deputy president of the supervisory board of Raiffeisen Bank Polska. "The experience we have had cooperating in different countries can be used on our [Polish] market," Maliszewski added.

It is predicted that the announced agreement will effect the approximately 1.5 million Poles who are individual clients of UNIQA (1.2 million) and Raiffeisen (240,000).