IGI Investment Bank, a part of the IGI Financial Services group signed a Memorandum of Understanding with American Life Insurance Company (Pakistan) Limited - ALICO to introduce insurance and savings products for its customers. The signing ceremony took place at the IGI Financial Services head office in the presence of senior executives representing both companies.
By signing the MoU, IGI Investment Bank customers will have the privilege of availing valuable insurance and savings products offered by ALICO, the market leader in international life insurance with assets in excess of US$100 billion and operations in 55 countries worldwide, through the bank’s advisory and distribution channel.
Speaking on the occasion, Mr Samir Ahmed, MD & CEO of IGI Investment Bank stated, “By joining hands with ALICO we aim to provide a complete range of financial services to our customers under one roof, and we are confident that this initiative will facilitate us in offering convenience and value-added services to our customers.”
Mr. Arif Sultan Mufti, Chairman & CEO of ALICO said, ‘In a country still relatively new to the concept of bancassurance, we aim to increase its potential in a market where exposure to financial markets is still on a rise. Going into an understanding with IGI Investment Bank, we hope to create a long term relationship with them, providing our expertise in the field of insurance, whilst aiming to cater to the masses through different channels’.
About IGI Investment Bank
IGI Investment Bank is a part of the IGI Financial Services Group, established in 1990 and is licensed to carry out investment financing and leasing activities under the Securities and Exchange Commission of Pakistan. PACRA has awarded it a long-term credit rating of ‘A’ and short-term rating of ‘A1’ which ensures a strong risk absorption capacity. For more information, please log on to www.igi.com.pk or call 0800-2-34-34
About ALICO
ALICO first started its operation in Pakistan in 1952 and continued till 1972 when the life insurance industry was nationalized. By 1972, ALICO had issued 72,000 policies and had invested more than US$36 million in the country’s economy. In 1994, ALICO was the first foreign life insurer to re-enter Pakistan. It commenced its operations in May 1995 with a paid-up capital of PKR 130 million which today stands at PKR 500 million. Along with commitment, ALICO brings to Pakistan an extensive international expertise and cutting edge technology being used by our operations in the most developed markets