MetLife and RAKBANK form strategic Partnership
December 17, 2020
Dubai, December 14, 2020 – MetLife, one of the largest global providers of insurance, annuities, and employee benefit programs, has announced a 10-year strategic preferred partnership with The National Bank of Ras Al Khaimah (RAKBANK) to provide comprehensive life insurance solutions to the Bank's customers across the United Arab Emirates. The partnership offers a versatile and highly competitive life insurance solution for the Bank’s customers with the highest non-medical underwriting limit of USD 1.25 million, exceptional maturity value, and an intuitive digital-first sales and service platform, Mpower.
Commenting on the partnership, Dimitris Mazarakis, General Manager – MetLife Gulf, said: “We are delighted to have a partner that shares our vision of putting customers first. Beyond helping people build their financial future, we have a responsibility to show them how to protect it. Through this partnership, we will ensure that we offer products that deliver more features that reassure our policy holders that they’ll be covered, no matter what.”
Frederic de Melker, Managing Director of Personal Banking at RAKBANK said: “By signing this 10-year agreement, MetLife joins RAKBANK’s effort to build transparency and customer benefit into the market of life-bancassurance. The digital and price efficiencies that result from our partnership will integrally translate into customer value through efficient product propositions. Leveraging state of the art digital capabilities, as well as the introduction of ‘Mpower’, supports the selection of products and services that meet the individual insurance needs of any RAKBANK customer.”
He further added: “Bancassurance is a key focus for RAKBANK and an important part of our overall customer value proposition. MetLife’s strong customer focus and deep commitment to the region are aligned with our own vision. We look forward to collaborating further with MetLife across our network in the UAE.”
The long-term preferred partnership was signed at a ceremony that took place at RAKBANK’s head office, by Frederic de Melker, Managing Director of Personal Banking at RAKBANK and Dimitris Mazarakis, General Manager of MetLife Gulf.
MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates ("MetLife"), is one of the largest life insurance companies in the world. Founded in 1868, MetLife is a global provider of life insurance, annuities, employee benefits and asset management. Serving approximately 100 million customers, MetLife has operations in more than 40 countries and holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.
RAKBANK, also known as The National Bank of Ras Al Khaimah (P.S.C), is one of the UAE’s most dynamic financial institutions. Founded in 1976, it underwent a major transformation in 2001 as it rebranded into RAKBANK and shifted its focus from purely corporate to retail and small business banking. In addition to offering a wide range of Personal Banking services, the Bank increased its lending in the traditional SME, Commercial, and Corporate segment in recent years. The Bank also offers Islamic Banking solutions, via RAKislamic, throughout its 27 branches and its Telephone and Digital Banking channels. RAKBANK is a public joint stock company headquartered in the emirate of Ras Al Khaimah and listed on the Abu Dhabi Securities Exchange (ADX). For more information, please visit www.rakbank.ae or contact the Call Centre on +9714 213 0000. Alternatively, you can connect with RAKBANK via twitter.com/rakbanklive and facebook.com/rakbank.
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