6/28/2011

US-based MetLife acquires Turkish insurance company

Hurriyet Daily News - DenizBank, a Turkish lender largely owned by Europe’s Dexia, has agreed to sell its insurance operations in Turkey for EUR 161.9 million to the US-based MetLife, a statement from the lender said on Monday.

According to the agreement on the sale of the 99.86 percent stake, DenizBank branches will continue to sell MetLife’s individual retirement and life insurance policies for 15 years.

“Turkey is a strategic market for MetLife,” said Michel Khalaf, the US company’s regional CEO. “A strong long-term partnership with a banking leader such as DenizBank is very important to us.” MetLife has been operating in Turkey under the name MetLife Alico since 1988.
Turkey; financial services; insurance sector; insurance market; turkish insurance market; metLife; dexia; deniz emeklilik

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