The Cooperative Insurance Society – Egypt signed two agreements worth EGP 175 million with the National Bank of Egypt (NBE) to manage the bank’s insurance portfolio.
The first agreement covers the bank’s branches in Suez Canal region which are more than 18 as well as the bank’s branches in Lower Egypt with EGP 25 million, said Refky Lotfy Rashed, managing director of CIS.
The second agreement covers the bank against the Murabaha credit risks as well as risks of fire and burglary with EGP 150 million, he added.
The Society also signed an agreement with the Industrial Development and Workers Bank of Egypt to insure loans offered to bakeries of Egyptian bread against credit risks including default on payment, fire and burglary with EGP 25 million and there are still talks over new insurance programs, Rashed elaborated.
He added that CIS signed a contract with Banque Misr to foster mutual cooperation through offering personal loans again, noting that the Society received premiums worth EGP one million from the bank.
CIS also reached an agreement with Alex Bank Intesa Sanpaolo on the method by which CIS will pay its debts as long as the Society will insure the bank.
CIS also renewed its agreement with Assiut Businessmen Association to insure the credit facilities offered by the Association with insurance premium of EGP 825,000. The Society also insures Bank Audi with EGP 30 million and the Society deposits EGP 5 billion in Bank Audi.
