ABU DHABI: FGB, one of the leading banks in the UAE, and LIC International, a Joint Venture company of LIC of India, have announced plans to introduce the first co- branded credit card of its kind for their customers in the United Arab Emirates.
This is the first time that a leading insurance company has entered into a strategic alliance with a leading local bank to create a unified payment solution that is associated with a unique loyalty offering for its customers.
Insurance payments, persistency and ad hoc surcharge levied by many insurance companies on premium payments through cards, have been a key concern among many policyholders in the UAE. Through this programme, the bank will provide a payment solution to these issues in addition to developing a loyalty platform for their common customers with unique benefits.
Ever since their partnership began in January 2013, both parties have aimed to deliver financial security and protection to UAE residents through providing innovative joint-solutions.
Established in 1979 and headquartered in Abu Dhabi, the bank offers a full range of financial services to business and consumer sectors throughout an extensive network of branches across the UAE. Internationally, FGB has branches in Singapore and Qatar, representative offices in India, Hong Kong, Seoul and London, and a subsidiary in Libya.
LIC (International) was established in Bahrain in 1989 by LIC of India to cater for the needs of residents in the GCC and elsewhere. LIC of India has over 350 million policyholders world wide and is rated as India’s most trusted brand by The Brand Trust Report 2013.