(By Balaseshan) Cigna Corp. (NYSE: CI) has finalized its acquisition of a 51% stake in Finansbank's insurance unit, Finans Emeklilik, a life and pension product provider in Turkey through in-branch banking channels.
Cigna received regulatory approval of the acquisition from the Treasury of Turkey in early November. Finans Emeklilik will be part of Cigna's Global Individual Health, Life & Accident business.
Finans Emeklilik will provide Cigna greater access to serve a rapidly expanding middle class market in Turkey through Finansbank's network of over 500 retail banking branches.
"This unique joint venture will strengthen Cigna's presence in Turkey and enables us to offer an expanded range of products to Finansbank's base of over 10 million customers," said Jason Sadler, President, Global Individual Health Life & Accident, Cigna.
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Leveraging Cigna's expertise in direct to consumer channels, Finans Emeklilik can expand distribution and sell life, pension and other health, life and accident products through a 15-year exclusive distribution agreement with Finansbank.
This arrangement provides the joint venture with distribution capabilities via the bank's extensive branch network and sizeable customer base.
Cigna is a global health service company, with insurance subsidiaries that are providers of medical, dental, disability, life and accident insurance and related products and services.
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Cigna operates in five segments: Health Care, Disability and Life, International, Run-off Reinsurance, and Other Operations, including Corporate-owned Life Insurance.
CI closed Thursday's regular session at $52.24. The stock has been trading between $39.01 and $53.75 for the past 52 weeks.