AFFINITY INSURANCE WINTER 2015

BANCASSURANCE Global Affinity AFFINITY BANKING Finance Club

Finaccord’s newsletter about affinity worldwide Welcome back to your Club!

The first three months of 2015 have seen a number of innovative new initiatives in the world of affinity financial services.

Google has created headlines by unveiling the launch of a motor insurance comparison facility in the US (’Google Compare for Auto Insurance’), co-operating for this purpose with CompareNow, CoverHound and other partners.

Distinctive new deals in the assistance sector include a link between MAPFRE Assistance and Unitywater in the nascent market for home assistance services in Australia, RAC’s agreement with ta- chometer provider Tachodisc for truck assistance, insurance and warranties in the UK, and the partnership of AXA Assistance with the developer of the SKI360 app in France for travel cover.

In the US, has joined forces with BBVA Com- pass (as issuer) and the National Basketball Association (as affinity partner) for an eye-catching new affinity . Moreover, the impending launch of the Plenti coalition loyalty program in the US, which is being developed by American Express and several major commercial partners, could well give rise to a significant new co- branding program in future.

Meanwhile, in the world of mobile payments, MasterCard and Visa have announced that they will work with Samsung for ‘’, a service that allows cardholders to use a Sam- sung Galaxy S6 phone for everyday purchases.

Alan Leach, Director [email protected]

For our published reports, news and more please visit www.finaccord.com Global Affinity Finance Club

Table of contents

Affinity Insurance News Lloyd’s of London underwriters 6 travel cover with Russian insurer 8 ASSISTANCE 5 MOTOR INSURANCE 6 AXA Assistance provides embed- ded insurance for Miles & More MAPFRE Assistance secures pio- Google unveils motor insurance cardholders… 8 neering deal with Australian wa- comparison facility in the US 6 ter company 5 … and works with SKI 360 app MetLife develops motor insur- for travel cover in France 9 Collinson Group provides se- ance product for US transporta- cures home assistance link with tion network company 7 Sun Life chooses AXA Assis- EDF Energy 5 Specialist in UK manufacturer- tance as assistance provider for COMMERCIAL INSURANCE branded motor insurance selects Chinese travel insurance policies 5 Allianz as underwriting partner 7 9

ERV and Deutsche Bahn renew Hollard partners with Tokio Ma- PET INSURANCE 7 travel insurance distribution part- rine to service Japanese custom- nership 9 ers in sub-Saharan Africa… 5 Sterling Pet Solutions ties with CoverCloud for pet insurance … and teams up with broker net- product to be sold through GENERAL 9 work Steadfast to launch new Costco 7 underwriting agency in Sydney 5 Ageas secures household and PRODUCT WARRANTIES / motor insurance partnership with LIFE, ACCIDENT AND INSURANCE 7 Virgin Money 9 HEALTH INSURANCE 5 MAPFRE Warranty seals affinity Hollard signs five-year joint ven- Teachers Assurance to offer LV= deal with Portuguese optician ture agreement with Botswana’s flexible savings plan and financial chain 7 largest trade union 9 advice service 5 Solid Försäkringar bolsters Swed- Gras Savoye wins affinity tie with CNP Assurances commences ish bicycle insurance business 8 association of French music writ- CAPVITA joint venture with ers and composers 9 Alptis Assurances 6 TRAVEL INSURANCE 8 ARAG earns legal protection and Cigna Insurance Services wins AA selects Cigna Insurance Ser- home emergency mandate with Horizon underwriting agency 9 personal accident mandate with vices as provider for revamped Chaucer Direct 6 travel cover 8 Tachodisc selects RAC for truck

Friends Life enhances ‘Protect+’ MAPFRE Asistencia bolsters po- insurance, assistance and war- ranty cover 10 range with Best Doctors module sition as distributor to Belgian 6 travel trade… 8 Generali buys out remaining 24%

Columbus Direct launches in- … and enters into partnership for stake of PPF Group in former come protection cover with joint venture 10

www.finaccord.com 2 Global Affinity Finance Club

Bancassurance AUTOMOTIVE FINANCE 12 INTERNATIONAL PAY- MENTS / REMITTANCES CREDITOR INSURANCE 10 BNP Paribas Personal Finance and Geely receive regulatory ICICI Bank links with UAE Ex- Genworth Financial secures green light for finance joint ven- change for remittances for Indian mortgage insurance deals with ture 12 beneficiaries 14 UK building societies 10 GM subsidiaries acquire stake in MOBILE / ONLINE PAY- LIFE INSURANCE 10 Chinese automotive finance joint MENTS 14 venture from Ally Financial 12 Helvetia renews distribution Samsung works with major card agreement with Raiffeisen bank- Fiat Chrysler and Crédit Agricole networks for mobile payments in ing group for five more years 10 convert joint venture finance the US and other markets 14 company to fully-licensed bank Tata AIA Life and Citibank co- 12 MasterCard ties with eTranzact operate for life insurance prod- International for Nigerian remit- ucts in India 10 CONSUMER FINANCE 12 tances… 14

Société Générale converts BNP Paribas Personal Finance … and with Steward Bank in Antarius from a joint venture to forms new joint venture with Zimbabwe in a similar context 14 a captive insurer 10 Spanish banking group 12 MasterCard works with four US TRAVEL INSURANCE 11 CO-BRANDED CARDS 13 banks for mobile payment op- tions through 15 Sparbankernas Kort chooses Alliance Data rolls out co- Solid Försäkringar as provider of branded credit card program MasterCard combines Master- card-related travel cover 11 with Red Roof Inn hotel chain Pass digital payment service with 13 mobile ticketing system 15 GENERAL 11 Capital One introduces co- MasterCard introduces payment Groupe BPCE reconfigures ban- branded business card in partner- app for Wagamama customers in cassurance partnership with CNP ship with GM 13 the UK 15 11 American Express links with ma- Visa collaborates with Airtel for Howden Broking Group acquires jor partners for launch of new mobile money across seven Afri- management control of bank- US-based coalition loyalty pro- can countries 15 owned broker in Malaysia 11 gram 13 Visa Europe expands Visa Direct Affinity Banking Indian online marketplace opera- peer-to-peer payments service… tor selects HDFC for new co- 15 AFFINITY CARDS 12 branded credit card 13 … aided by new partnership with BBVA Compass rolls out NBA Russian Standard Bank develops fastacash allowing payments via affinity card with American Ex- new range of Visa cards with social networks 15 press 12 Miles & More 14 www.finaccord.com 3 Global Affinity Finance Club

Table of contents

Ecobank forms pan-African mo- Finaccord country reports bile payment partnerships with MTN and Orange 16 Finaccord publishes a variety of reports about the following coun- Synchrony Bank allows cardhold- tries: ers to use ‘Samsung Pay’ mobile wallet app 16 Australia Austria 3 extends direct carrier billing Belgium service with Boku in Hong Kong Brazil 16 Canada China Maybank launches portable point France -of-sale payment device in con- Germany junction with Maxis Berhad 16 India Indonesia BGL BNP Paribas launches mo- Italy bile payment solution in partner- Japan ship with Digicash Payments 16 Malaysia Mexico PayPoint works with UNIQA to Netherlands facilitate payments of insurance Poland premiums in Romania 17 Romania Drillisch prepares to launch Wire- South Africa card mobile payment service 17 South Korea Spain PAYMENT CARD ISSUANCE Switzerland AND ACCEPTANCE 17 Turkey UK JCB links with Asia Commercial USA Bank for new debit and credit cards in Vietnam 17 Alternatively, to see our full list of reports organised by country, RETAILER CARDS 17 with more than 60 countries cov- ered in total, please visit our web- Alliance Data renews private- site at www.finaccord.com and / label credit card partnership with or use the search-by-country FULLBEAUTY Brands 17 function at www.finaccord.com/ search-by-country.htm. Costco terminates co-branding and merchant acceptance partner- ship with American Express 17

www.finaccord.com 4 Global Affinity Finance Club Affinity Insurance

Affinity Insurance News COMMERCIAL INSURANCE ing risks in the SME markets of Asia, Australia, New Zealand ASSISTANCE Hollard partners with Tokio and South Africa. Emergence’s Marine to service Japanese first product will be cyber event MAPFRE Assistance secures customers in sub-Saharan protection, which has been spe- pioneering deal with Austra- Africa… cifically designed for SME cli- lian water company ents in collaboration with cyber Insurance groups Hollard and experts, reinsurers, brokers and customers. In Australia, MAPFRE Assis- Tokio Marine have struck an ______tance has established a new part- agreement to co-ordinate spe- nership with Unitywater, a water cific initiatives relevant to Japa- LIFE, ACCIDENT AND company serving more than nese clients in sub-Saharan Af- HEALTH INSURANCE 300,000 customers, for the pro- rica, with a focus on insurance vision of insurance related to requirements. The arrangement emergencies related to plumbing will see Hollard establish a Japan Teachers Assurance to offer and water supply. The deal is a desk which will exclusively han- LV= flexible savings plan and seminal one as the market for dle business in sub-Saharan Af- financial advice service home emergency insurance and rica for the Japanese clients of assistance in Australia is under- Tokio Marine and its group In the UK, LV= has agreed a developed relative to those in companies. Hollard has fully- partnership with Teachers As- many other developed econo- fledged non-life licenses in sev- surance whereby the latter mies. eral countries in the region in- (which is an insurer focused on cluding Botswana, Mozambique the teaching profession) will sell and Namibia as well as South the former’s flexible savings Collinson Group provides se- Africa and, as of earlier in 2015, plan and promote its in-house cures home assistance link Ghana. Through various part- financial advice team for mem- with EDF Energy nerships and joint venture ar- bers needing advice in relation

rangements, Hollard currently to investment and / or retire- Energy company EDF Energy provides cover in a further 20 ment planning. In fact, members has signed an agreement with countries on the continent, and of the teaching profession will Collinson Group to provide has a significant reach in East be made aware of the new fi- homeowner and landlord emer- and West Africa. nancial advice service during the gency insurance and assistance regular program of national services to UK customers. The … and teams up with broker seminars that Teachers Assur- range of products will include network Steadfast to launch ance runs throughout the year. both insurance and service solu- new underwriting agency This tie-up follows the an- tions for gas central heating, nouncement in December 2014 plumbing and drainage, and In Australia, Hollard and broker that LV= would be taking over electrical wiring, plus a compre- network Steadfast have an- the majority of Teachers Assur- hensive home emergency prod- nounced the launch of a new ance’s interests. uct. Sydney-based underwriting ______agency. Named Emergence In-

surance Group, this company

will specialise in new and emerg-

www.finaccord.com 5 Global Affinity Finance Club Affinity Insurance

CNP Assurances commences up to a maximum sum insured that can be bought directly by CAPVITA joint venture with of GBP 100,000 and the benefit consumers. The policies are be- Alptis Assurances is payable to the driver of the ing dealt with by underwriters at vehicle at the time of the inci- Lloyd's of London and include In France, CNP Assurances and dent. different levels of accident, sick- Alptis Assurances, a wholesale ness and unemployment cover. broker specialising in personal Friends Life enhances Columbus Direct has stated that protection insurance that dis- ‘Protect+’ range with Best it is aiming to provide a greater tributes through over 6,000 bro- Doctors module range of products in addition to kers, have established a joint its core travel insurance policies. venture focused on healthcare Also in the UK, life insurer and protection insurance. The Friends Life (recently acquired MOTOR INSURANCE new company, which is called by Aviva) has begun collaborat- CAPVITA, will offer bespoke ing with Best Doctors, a medical Google unveils motor insur- solutions to companies, particu- services provider, to introduce ance comparison facility in larly to increase take-up rates for the ‘Global Treatment’ module the US supplementary health insurance. as an additional option to its CNP Assurances owns 51% of ‘Protect+’ range, a protection- In the US, Google has launched the share capital of CAPVITA related insurance concept tar- a motor insurance comparison with the remaining 49% held by geted at individual consumers. facility (‘Google Compare for Alptis Assurances. The module gives customers Auto Insurance’) in partnership access to medical experts and with CompareNow, Cover- Cigna Insurance Services treatment around the world. Hound and other partners, that wins personal accident man- Covering a range of serious ill- lets customers compare rates date with Chaucer Direct nesses, including all cancers, it from different insurance provid- will pay and arrange for hospital ers. The option to compare rates Returning to the UK, Cigna In- access and treatment, including will appear after a consumer surance Services has been se- international hospitals outside performs a search for ‘car insur- lected by Chaucer Direct to pro- of the UK. The product covers ance’ (or a similar term) using vide its motor insurance cus- cancer, neurosurgery, coronary Google’s engine. Initially, the tomers with personal accident artery by-pass surgery, heart service is being made available cover. The appointment will see valve replacement or repair, to California residents but Cigna Insurance Services pro- bone marrow and live donor Google has indicated that other vide personal accident insurance organ transplant. states will follow later in 2015. underwriting and claims han- Indeeed, a separate subsidiary, dling services to Chaucer Direct, Columbus Direct launches Google Compare Auto Insur- the direct arm of Chaucer Insur- income protection cover with ance Services, was licensed to ance. Chaucer Direct will be re- Lloyd’s of London underwrit- carry on insurance business in sponsible for the sales and mar- ers more than a half of US states as keting. Specifically, personal ac- at January 2015. cident cover will be offered to Again in the UK, Columbus Di- customers alongside Chaucer rect, a trading brand of Col- Its insurance partners, which Direct’s standard motor insur- linson Group, has launched a include MetLife and Mercury ance. It covers all named drivers new income protection product Insurance plus local providers,

www.finaccord.com 6 Global Affinity Finance Club Affinity Insurance can use the service to highlight ger as well as during the trip PET INSURANCE what they believe makes them with the passenger. Premiums unique given that a field is avail- vary in accordance with mileage Sterling Pet Solutions ties able for them to mention differ- covered. with CoverCloud for pet in- entiating features such as safe surance product to be sold driver discounts or high levels Specialist in UK manufac- through Costco of customer service. turer-branded motor insur- ance selects Allianz as under- In the UK, Sterling Pet Solu- The US launch follows on from writing partner tions (launched in February Google’s financial comparison 2014 and a division of Sterling operation in the UK, where it In the UK, Allianz has been se- Insurance Group which was provides quotes for mortgages, lected by Verex Group as its itself acquired by the France- motor insurance and travel in- motor insurance partner as part based mutual insurer Covéa in surance, plus a credit card com- of a partnership that will see December 2014) has launched a parison site in the US, all of Allianz provide Verex Group pet insurance facility with which fall under the ‘Google with policies for its vehicle CoverCloud, an online insur- Compare’ brand. manufacturer and dealer group ance brand and sales service insurance schemes. Verex partner. The cat and dog insur- MetLife develops motor in- Group was founded in 2008 to ance product offers four levels surance product for US trans- help vehicle manufacturers and of cover ranging from an acci- portation network company their franchise dealers to in- dent-only product through to a crease both customer retention comprehensive policy with GBP Also in the US, MetLife’s motor and revenues from parts and 7,000 per condition benefit lev- and household insurance arm vehicle sales. Its specialist ser- els. CoverCloud is marketing the and Lyft, a privately-held, trans- vices include manufacturer- product to a wide variety of ex- portation network company branded motor insurance, acci- isting customers and distribu- based in San Francisco, have dent management, and excess tors, including the COBRA net- announced that Lyft drivers in insurance programs alongside work of 108 independent insur- Colorado have access to a mo- national body shop audit and ance brokers, plus Costco, the tor insurance policy tailored spe- network management services. UK's largest membership ware- cifically for them. This arrange- At the time of publication, house chain with 3 million ac- ment augments Lyft’s existing Verex Group clients in the UK tive members across the nation. products, which only cover part included Fiat Chrysler Group, ______of the trip. Specifically, the pol- Hyundai, Jaguar Land Rover, icy provides cover for Lyft driv- Mazda, Mitsubishi, MG, Suzuki PRODUCT WARRANTIES / ers and insures bodily injury li- and Vauxhall. INSURANCE ability, property damage liability, ______medical payments, and physical MAPFRE Warranty seals af- damage. In addition, it offers finity deal with Portuguese cover for Lyft drivers and pas- optician chain sengers at every stage of their trip including while the driver is In Portugal, MAPFRE Warranty waiting for a passenger request has entered into a relationship or en route to pick up a passen- with the Ergovisão optician

www.finaccord.com 7 Global Affinity Finance Club Affinity Insurance chain, which has more than 30 months. cia has acquired a travel insur- outlets across the country, for ______ance portfolio worth around an optical (glasses) insurance EUR 25 million in premiums scheme. In addition to insuring TRAVEL INSURANCE per annum from L’Européenne, the risks of accidental damage a subsidiary of Nationale Suisse. and theft, creditor cover for AA selects Cigna Insurance The transaction means that it temporary incapacity and unem- Services as provider for re- now employs directly the staff ployment is also available for vamped travel cover of this company having already customers buying their glasses assisted with the administration through finance plans. These In the UK, the AA has re- and management of the travel policies form part of MAPFRE launched its travel insurance insurance business. It also Warranty’s ‘lifestyle protection’ proposition with a range of im- makes MAPFRE Asistencia one range. provements in cover following of the leading suppliers of travel the appointment of Cigna Insur- insurance to the Belgian travel Solid Försäkringar bolsters ance Services to provide travel trade. Swedish bicycle insurance underwriting, claims and mar- business keting expertise. The new offer- … and enters into partner- ing means that the AA is one of ship for travel cover with Rus- In Sweden, Solid Försäkringar only a few travel insurance pro- sian insurer has signed an agreement to ac- viders in the UK with no upper quire bicycle insurance customer age limit on single-trip, world- In Russia, MAPFRE Assistance records from Falck Försäkrin- wide travel policies. Cover is has strengthened its presence in gars. When current policies ex- provided for a wide range of the country’s travel insurance pire, existing customers of Falck low-risk medical conditions sector by creating an agreement will be offered policies from without any additional premium with indigenous insurer Euro- Solid. In addition, Solid Försäk- rating and most other condi- Polis for the provision of travel ringar is building its bicycle in- tions can be covered subject to cover for trips within Russia surance business through creat- an additional premium. itself. According to MAPFRE ing distribution agreements with Assistance, Euro-Polis, which four new partners in the sports MAPFRE Asistencia bolsters was founded in 1992, is espe- retail sector, namely Bike Part- position as distributor to Bel- cially strong in online marketing ner, Scott Sports, TeamSportia gian travel trade… of motor insurance and other and Vartex. These agreements types of non-life policy. stipulate free anti-theft insur- In Belgium, MAPFRE Asisten- ance on new bicycles for three

www.finaccord.com 8 Global Affinity Finance Club Affinity Insurance

AXA Assistance provides em- will work together to for travel Ageas. bedded insurance for Miles & insurance policies covering both More cardholders… domestic and foreign travel. The Hollard signs five-year joint policies will be comprehensive venture agreement with Bot- As part of a multi-country deal, with AXA Assistance used as swana’s largest trade union AXA Assistance has been con- assistance provider. tracted to provide travel-related In Botswana, Hollard has begun cover for holders of credit cards ERV and Deutsche Bahn re- working with Babereki Invest- affiliated to Lufthansa's Miles & new travel insurance distribu- ments, the financial services arm More loyalty scheme. The port- tion partnership of the Botswana Public Employ- folio reportedly includes more ees Union. The five-year con- than 600,000 cards, and AXA In Germany, ERV and national tract will see Hollard Botswana Assistance will provide a range railway company Deutsche become the preferred provider of insurance types including trip Bahn have agreed to renew an of insurance products to the cancellation, travel health and existing partnership with the trade union, which is the largest collision damage waiver for specialist travel insurer provid- in Botswana with more than rental cars. The partnership will ing travel cover at Deutsche 27,000 members. The agree- also apply to holders of the pre- Bahn's stations and travel agen- ment involves both life and non mium ‘HON ’ credit card, cies, as well as through its web- -life companies belonging to with additional concierge ser- site. Hollard in Botswana, meaning vices provided by WhiteConci- ______that trade union members will erge, a subsidiary of AXA. have access to both life and GENERAL short-term insurance products. … and works with SKI 360 app for travel cover in France Ageas secures household and Gras Savoye wins affinity tie motor insurance partnership with association of French Meanwhile, in France, AXA As- with Virgin Money music writers and composers sistance has signed an agree- ment to offer travel cover In the UK, Virgin Money has In France, the Société des through the SKI 360 app. The announced that it has entered Auteurs, Compositeurs et Ed- agreement allows customers to into an agreement with insurer iteurs de Musique (SACEM), a buy policies and request assis- Ageas that will see the two busi- trade association representing tance using their mobile phones. nesses work together to create a the interests of music writers SKI 360 reports that its app has range of household and motor and composers, has chosen bro- 200,000 users. insurance products. Under the ker Gras Savoye to offer insur- terms of the agreement, Ageas ance and assistance services to Sun Life chooses AXA Assis- will support Virgin Money by its members. The program in- tance as assistance provider providing sales, servicing, ad- cludes cover for the damage to for Chinese travel insurance ministration and claims manage- musical instruments plus life policies ment support. Household insur- insurance and a legal assistance ance will be solely underwritten helpline for members. In another deal, this time in by Ageas itself while motor China, AXA Assistance and Sun cover will be underwritten by a Life have announced that they panel of insurers managed by

www.finaccord.com 9 Global Affinity Finance Club Bancassurance

ARAG earns legal protection value mortgage products. and home emergency man- Generali buys out remaining ______date with Horizon underwrit- 24% stake of PPF Group in ing agency former joint venture LIFE INSURANCE

In the UK, specialist underwrit- Having previously acquired the Helvetia renews distribution ing agency Horizon has chosen 24% minority share held by PPF agreement with Raiffeisen ARAG to provide family legal Group, Generali has taken over banking group for five more protection and home emergency full control of Generali PPF years cover for a new venture target- Holding (GPH), in with ing medium and high net worth agreements signed in January In Switzerland, Helvetia and the individuals. The click-and-buy 2013. The entity is now known Raiffeisen banking group have venture will enable brokers to as Generali CEE Holding. Gen- renewed their distribution part- rapidly secure both quotes and erali states that the transaction is nership for another five years. policy documents with the first key to its ability to speed up its This partnership began in 1999 two policies named ‘Longitude’ development in Central and and entails the distribution of for medium net worth custom- Eastern Europe, which it con- Helvetia’s life insurance prod- ers and ‘Latitude’ for high net siders to be composed of key, ucts through 280 branches be- worth ones. fast-growth markets. longing to the banking group. ______Helvetia has stated that this ban- Tachodisc selects RAC for cassurance agreement typically truck insurance, assistance Bancassurance generates between CHF 110 and warranty cover million and CHF 170 million in CREDITOR INSURANCE premium income each year with In the UK, RAC has signed an around 30,000 customers served agreement with Tachodisc (a Genworth Financial secures through the channel. provider of tachometers that mortgage insurance deals generate a record of engine with UK building societies Tata AIA Life and Citibank speed over a period, especially co-operate for life insurance for commercial vehicles) In the UK, Genworth Financial products in India whereby the latter will promote has signed agreements with the the former's truck insurance, Leek United and West Brom- In India, Tata AIA Life has en- assistance and warranty prod- wich building societies to pro- tered into a bancassurance part- ucts to its customers. These vide mortgage insurance for at nership with Citibank that will products include a subscription- least two years. The cover will see nine of its life insurance based RAC truck rescue product allow the societies to add to products being sold through the which includes cover for up to their range of higher loan-to- bank including four unit-linked four breakdowns a year. plans, one term policy, two non-

www.finaccord.com 10 Global Affinity Finance Club Bancassurance participatory traditional plans, TRAVEL INSURANCE personal and group protection, and two participatory traditional including healthcare. Hitherto, plans. The insurer aims to reach Sparbankernas Kort chooses most of these relationships have customers through the bank’s Solid Försäkringar as pro- been held by CNP Assurances traditional branch network as vider of card-related travel and it will retain them up until well as through its growing digi- cover the end of 2015. In addition, for tal presence. Moreover, it ex- all customers of the banking pects to add a number of new In Sweden, Solid Försäkringar group with insurance policies products to this portfolio in the has entered into a deal with spe- bought through it but under- coming months. cialised card provider Spar- written by CNP Assurances, an bankernas Kort to provide agreement has been put in place Société Générale converts travel cover for those using the concerning their on-going man- Antarius from a joint venture issuer’s cards to pay for their agement which will include a to a captive insurer holidays. The insurance in ques- 10% quota-share reinsurance tion includes both trip cancella- facility provided by Natixis As- In France, Société Générale has tion cover and cover for lost surances. decided to exercise its option to baggage and travel delays. purchase the 50% stake of ______Howden Broking Group ac- Aviva in Antarius, an insurance quires management control company serving the bank’s GENERAL of bank-owned broker in Ma- Crédit du Nord subsidiary laysia which is currently owned jointly Groupe BPCE reconfigures by Aviva and Crédit du Nord. bancassurance partnership In Malaysia, Howden Broking In effect, this transaction ends with CNP Group (which belongs to Hype- Société Générale's life insurance rion Insurance Group) has ac- partnership with Aviva France. Returning to France, the BPCE quired an initial 49% stake and The acquisition will become ef- banking group (Groupe BPCE) management control in CIMB fective by the end of 2016 at the and CNP Assurances have an- Insurance Brokers (CIB), a latest, when the operational nounced a reconfiguration of broking entity owned by CIMB management of the company their bancassurance partnership Group, one of the country’s will be transferred to Sogécap, with a new arrangement des- largest banks. Following the the captive life insurance sub- tined to run from the start of transaction, CIMB Group will sidiary of Société Générale. So- 2016 for seven years. Specifi- remain a distribution partner for ciété Générale will then be the cally, the banking group’s own selected insurance products sole ultimate owner of Antarius, captive Natixis Assurances will from CIB. The acquirer has with Sogécap as a shareholder from that date underwrite all stated that the new venture con- alongside Crédit du Nord. savings and retirement savings stitutes a part of its strategy to ______products distributed by the expand its presence in south- Caisses d’Epargne network and east Asia while the bank believes will also benefit from an exclu- that Howden’s international sive group creditor insurance reach can help CIB to service partnership across all Groupe both its own operations and its BPCE branches, along with customers outside of Malaysia. other product partnerships in ______

www.finaccord.com 11 Global Affinity Finance Club Affinity Banking

Affinity Banking AUTOMOTIVE FINANCE finance unit of Crédit Agricole) have announced the conversion AFFINITY CARDS BNP Paribas Personal Fi- of automotive finance company nance and Geely receive FGA Capital into a fully- BBVA Compass rolls out regulatory green light for fi- licensed bank in the form of NBA affinity card with nance joint venture FCA Bank. The new entity, American Express which is headquartered in Italy, In China, Geely Automobile thus becomes the parent com- In the US, American Express Holdings and BNP Paribas Per- pany of subsidiaries in 16 Euro- has unveiled a new initiative sonal Finance have received ap- pean countries. Along with its with BBVA Compass (a subsidi- proval from the China Banking new legal status, the corporate ary of the Spain-based BBVA Regulatory Commission (CBRC) identity of FCA Bank is being banking group) to issue an NBA to start setting up their automo- enhanced, including the intro- (National Basketball Associa- tive finance joint venture which duction of a new logo, although tion) affinity card, the first such is due to commence activity it will continue to focus on its card ever developed with this later in 2015, providing both core business of automotive fi- body. BBVA Compass custom- consumer finance and wholesale nancial services to support the ers will be able to personalise finance for dealers. sale of both passenger cars and their cards with the logos of commercial vehicles. their favourite NBA teams, as GM subsidiaries acquire ______well as enjoy access to a number stake in Chinese automotive of benefits brought to them by finance joint venture from CONSUMER FINANCE both BBVA Compass and Ally Financial American Express. BNP Paribas Personal Fi- Also in China, and having ini- nance forms new joint ven- BBVA Compass anticipates that tially reached an agreement for ture with Spanish banking the credit card launch will help it the transaction in the final quar- group to expand across the country, ter of 2012, Ally Financial has beyond its ‘sun belt’ footprint, completed the sale of its 40% In Spain, Cetelem (a subsidiary by tapping into the passions of interest in joint venture SAIC- of BNP Paribas Personal Fi- basketball fans for the NBA and GMAC Automotive Finance nance) has signed an agreement its 30 teams. Through the card, Company to General Motors with Banco de Crédito Coopera- BBVA Compass is also focusing Financial Company and GMAC tivo (BCC), the holding com- on expanding its growing digital UK, which are wholly-owned pany of Grupo Cooperativo Ca- portfolio, following the success subsidiaries of GM. jamar (Cajamar), for the creation of its first all-digital account of a consumer credit joint ven- which had already been Fiat Chrysler and Crédit Agri- ture. BCC will own 49% of the launched as an NBA-branded cole convert joint venture fi- initial share capital and will ap- product. nance company to fully- point the chairman of the joint ______licensed bank venture while Cetelem will hold the remaining 51% and will ap- FCA Italy (a division of the Fiat point its chief executive officer. Chrysler group) and CA Con- The main activity of the com- sumer Finance (the consumer pany will be distribution of per-

www.finaccord.com 12 Global Affinity Finance Club Affinity Banking sonal loans through Cajamar’s portant factor in consumers' rect Energy, ExxonMobil, Hulu, network of over 1,300 branches. selection of a hotel, with 59% of Macy's, Nationwide and Rite ______hotel guests participating in at Aid. The Plenti scheme will al- least one hotel loyalty program. low consumers to earn points CO-BRANDED CARDS In addition, 50% of consumers and discounts using any form of are interested in hotel-branded payment accepted by the partici- Alliance Data rolls out co- credit cards with such cards gen- pating brands, including cash, branded credit card program erating around USD 47.6 billion prepaid cards and any debit, with Red Roof Inn hotel in expenditure in 2014. charge or credit cards. US Loy- chain alty, a division of American Ex- Capital One introduces co- press, is operating the scheme In the US, Alliance Data has branded business card in and the launch follows on from expanded its footprint in the partnership with GM the acquisition by American Ex- hospitality sector with a new press of Loyalty Partner in 2011, long-term agreement to pro- Also in the US, Capital One through which it manages coali- vide a co-branded credit card and GM have extended their tion loyalty schemes in Ger- for the Red Roof Inn hotel partnership for co-branded many, India, Mexico and Po- chain. Red Roof Inn operates cards by announcing the launch land. over 400 properties across 40 of the ‘BuyPower’ business states and claims to have one of credit card. This card is specifi- At the time of launch, there is the most successful loyalty pro- cally designed for small business no co-branded credit card asso- grams in the sector with more owners, does not require an an- ciated with the program al- than 1 million members having nual membership fee and com- though this could follow in fu- signed up to its RediCard prises a variety of benefits, in- ture given the success of such scheme. cluding 5% cashback on pur- cards developed in conjunction chases of GM parts, accessories with coalition loyalty schemes in By means of the partner- and services at authorised deal- other countries. ship, Red Roof Inn will gain ac- ers plus 3% cashback at fuel re- cess to Alliance Data's suite of tailers, office supply stores and Indian online marketplace digital and mobile solutions restaurants. The card will re- operator selects HDFC for which should help to increase place an existing co-branded new co-branded credit card card member engagement and business card issued by Chase enhance the features and bene- Bank. In India, HDFC Bank has en- fits of the existing Red Roof tered into a three-year partner- Inn mobile app. Moreover, loy- American Express links with ship with Jasper Infotech, which alty scheme members will earn major partners for launch of owns and operates online mar- tiered rewards that are based on new US-based coalition loy- ketplace Snapdeal, to launch a expenditure at Red Roof alty program co-branded credit card. The Inn hotels plus high-frequency credit card is targeted at custom- spend categories and all other In another relevant initiative in ers in smaller towns and cities. transactions. the US, American Express is The deal is expected to produce launching Plenti as a new US- significant benefits for Snapdeal According to Alliance Data, loy- based coalition loyalty program as a fairly high proportion of its alty programs constitute an im- in association with AT&T, Di- annual gross merchandise sales

www.finaccord.com 13 Global Affinity Finance Club Affinity Banking are generated from smaller In- dian beneficiaries. Customers of international remittances. The dian towns and cities where ICICI Bank will be able to use agreement allows transfers into credit and other payment cards this service by visiting any of eTranzact mobile money wallets have made limited headway. more than 130 branches of or selected bank accounts in Ni- UAE Exchange in the UAE in- geria through the international Russian Standard Bank de- cluding around 15 located in the transfer hub HomeSend, which velops new range of Visa Dubai Metro network. is a joint venture of MasterCard cards with Miles & More with BICS and eServGlobal. Ac- MOBILE / ONLINE PAY- cording to the partners, the In Russia, the Miles & More fre- MENTS agreement represents a new quent flyer program (owned by channel for international remit- Lufthansa) has continued its co- Samsung works with major tances from Nigerians living operation with Russian Standard card networks for mobile pay- abroad. Bank to issue a new range of six ments in the US and other co-branded Visa credit cards. markets According to the World Bank, These comprise a number of Nigeria is the largest remittance enhanced benefits including the In the US, both MasterCard and market in Africa and the fifth- ability to earn miles for day-to- Visa have announced that they largest in the world, attracting day purchases, access to all will work with Samsung for USD 21 billion in remittances in privileges generally available to ‘Samsung Pay’, a mobile pay- 2014, which contributed 4% to Miles & More loyalty program ment service that allows card- the country’s GDP. members, insurance cover re- holders to use a Samsung Gal- lated to shopping and travel, and axy S6 phone for everyday pur- … and with Steward Bank in discounts on stays at hotels chases. Specifically, the system Zimbabwe in a similar con- listed on the Russian Standard will work at both contactless- text Bank tourist portal. enabled and most traditional ______point-of-sale terminals, using Likewise, in Zimbabwe, Master- Samsung's MST (magnetic se- Card has announced a partner- INTERNATIONAL PAY- cure transmission) and NFC ship with Steward Bank whereby MENTS / REMITTANCES technologies. The scheme will it will provide international re- be launched in summer 2015 in mittance services for the bank's ICICI Bank links with UAE the US, although it is planned to customers, which number more Exchange for remittances for extend it over time to other than 1.5 million. In this case, Indian beneficiaries markets. payments can also be made through HomeSend directly to ICICI Bank has tied up with MasterCard ties with eTran- Steward Bank accounts. In fu- UAE Exchange to offer an in- zact International for Nige- ture, a second phase is planned stant bank transfer service to rian remittances… to extend the partnership to Indian citizens resident in the Steward Bank’s sister company UAE. The so-called In Nigeria, MasterCard and EcoCash (which has over 4 mil- ‘FLASHremit’ service enables eTranzact International, a pan- lion customers), allowing the customers to conveniently and African mobile banking and latter's mobile money customers instantly send rupee- payment services company, have to receive international remit- denominated remittances to In- announced a partnership for tances into their mobile money

www.finaccord.com 14 Global Affinity Finance Club Affinity Banking wallets. These funds would then MasterCard introduces pay- peer-to-peer mobile payment be accessible using the compan- ment app for Wagamama service, with the Visa Direct fa- ion MasterCard debit card customers in the UK cility (formerly known as Visa linked to the mobile wallet. Personal Payments) allowing In the UK, MasterCard has customers of European banks MasterCard works with four linked with pan-Asian restaurant that issue Visa cards to transfer US banks for mobile payment chain Wagamama to allow cus- money using mobile phone or options through Apple Pay tomers to pay for meals using Visa card numbers. The ex- ‘Qkr!’, a dedicated mobile phone panded service will be available Also in the US, four banks – app. Wagamama, which has 112 in 20 languages and will support namely, BECU, Fifth Third, restaurants, is the first UK re- multiple currencies. According First Niagara and Huntington tailer or restaurant to introduce to Visa Europe, the existing ser- National Bank – have intro- this new app. vice has accumulated more than duced mobile payment options 200,000 users who have utilised through Apple Pay for their Visa collaborates with Airtel it for expenditure of around MasterCard cardholders. The for mobile money across EUR 43 million since launch in system allows contactless pay- seven African countries March 2013. ments using both iPhones and iPads, and is further supported Visa and telecoms company … aided by new partnership by MasterCard's ‘MasterCard Bharti Airtel have announced a with fastacash allowing pay- Nearby’ app, which identifies partnership to provide mobile ments via social networks organisations close at hand that payment services in several Afri- accept contactless payments. can countries, namely Gabon, In addition, a new partnership Ghana, Kenya, Madagascar, with Singapore-based fastacash MasterCard combines Mas- Rwanda, Seychelles and Tanza- will allow Visa Direct users to terPass digital payment ser- nia. Under the terms of the deal, send peer-to-peer payments via vice with mobile ticketing Airtel's existing mobile money social networks such as Face- system service will allow payments book, LinkedIn, Twitter and wherever Visa is accepted, and WhatsApp. It is anticipated that In Greece, MasterCard has part- customers will be able to with- the partnership will enhance nered with mobile ticketing draw money and make pay- Visa Direct’s peer-to-peer do- company Masabi to provide a ments from their Airtel Money mestic and international money new smartphone-based mobile account using a companion transfer service helping to ticketing system that will be in- Airtel Money Visa payment bridge the gap between consum- troduced on the Athens transit card. The services are being ers wanting to use social media system. The partnership com- launched first in Kenya and will to transfer money, and banks bines Masabi's ‘JustRide’ ticket- extend elsewhere later in 2015. and payment service providers. ing system, introduced in Bos- ton in 2012, with MasterCard's Visa Europe expands Visa In order to send peer-to-peer digital payment service Master- Direct peer-to-peer payments payments using Visa Direct, Pass. service… consumers need to use the mo- bile app or other user interface Meanwhile, Visa Europe has provided by their bank. Then, announced an expansion of its they enter the amount of money

www.finaccord.com 15 Global Affinity Finance Club Affinity Banking they wish to send, select the gal, the service lets users top up chase, enter their phone number channel via which to send it their e-wallet and confirm the purchase via which can be either direct to a from their bank account and text, with items then billed to mobile number or, in future vice versa. Orange has built up a their mobile accounts. with fastacash, via a social chan- substantial base of more than 12 nel. All that is required for the million mobile money custom- Maybank launches portable sender is to choose the channel ers in 13 African countries, of- point-of-sale payment device and the contact they wish to fering fund transfers, bill pay- in conjunction with Maxis send money to, who will then ment and, in some markets, sav- Berhad receive the payment notification. ings and insurance products. In Malaysia, Maybank has part- Ecobank forms pan-African Synchrony Bank allows card- nered with telecoms company mobile payment partnerships holders to use ‘Samsung Pay’ Maxis Berhad to launch May- with MTN and Orange mobile wallet app bank mPOS, a portable device that allows merchants to accept Returning to the US, Synchrony Pan-African bank Ecobank has card payments online. Linked to Bank has disclosed that it will be partnered with MTN with the Maxis Berhad’s network, it re- possible to use all of its private- aim of improving access to mo- quires merchants to insert the label credit cards, including 11.4 bile financial services in Africa. card reader into the audio port million active accounts accepted Under the terms of the agree- of their mobile device to acti- at more than 300,000 locations, ment, users of MTN’s ‘Mobile vate the card payment function via the ‘Samsung Pay’ mobile Money’ service who are also on their portable handset. The wallet app. Like other similar Ecobank customers, will be able new facility is expected to attract apps ‘Samsung Pay’ is locked by to withdraw cash from the 4,000 new merchants within its PIN and password. All Syn- bank’s ATMs using their mobile first year of operation. chrony Bank private-label card phones. Customers will also be accounts in the app will be de- able to transfer money between BGL BNP Paribas launches vice-specific and domain- ‘Mobile Money’ and Ecobank mobile payment solution in restricted tokens, meaning they accounts. The service has been partnership with Digicash will only work in the merchant’s piloted first in Ghana and is due Payments store, providing additional secu- to be rolled out in a total of 12 rity. Africa countries in which Eco- In Luxembourg, BGL BNP bank is active. Paribas has launched a mobile 3 extends direct carrier billing payment solution developed by service with Boku in Hong In addition, Ecobank has also Digicash Payments, namely an Kong struck a deal with Orange that app that is downloadable at no will enable the bank’s customers charge from App Store and In Hong Kong, mobile pay- to transfer money between ac- Google Play. This enables cli- ments provider Boku has counts using their mobile ents to make payments easily teamed up with mobile operator phones. Already live in Mali, and and securely from their smart- brand 3 to allow subscribers to due to arrive subsequently in phones either online or in part- make purchases on their mobile Cameroon, Côte d’Ivoire, the ner stores. Payments are then devices using their phone num- Democratic Republic of the debited directly from their bank bers. At checkout, users choose Congo, Guinea, Niger and Sene- accounts without the need to the items that they want to pur-

www.finaccord.com 16 Global Affinity Finance Club Affinity Banking store sensitive information on a PAYMENT CARD ISSUANCE sica London and Woman phone. AND ACCEPTANCE Within. This renewal encom- passes the development of an PayPoint works with UNIQA JCB links with Asia Commer- integrated rewards program that to facilitate payments of in- cial Bank for new debit and offers points for every dollar surance premiums in Roma- credit cards in Vietnam spent which can then be re- nia deemed in the form of rewards In Vietnam, JCB has tied with certificates. In Romania, insurance company Asia Commercial Bank to intro- UNIQA has established an duce both debit and credit Costco terminates co- agreement with PayPoint to en- cards. Debit cards can be issued branding and merchant ac- able its customers to pay their on a near-instantaneous basis ceptance partnership with insurance premiums at any of and comprise free ATM assault American Express over 8,500 outlets across the and theft insurance cover plus country with a PayPoint pay- privileges at selected merchants Also in the US, American Ex- ment terminal. PayPoint is a UK and JCB Plaza. There is no an- press has announced that its co- -based specialist payments com- nual fee during the first year and branding and merchant accep- pany, processing consumer pay- a cashback facility is available tance agreements with Costco ments across a wide variety of for the first few transactions will terminate at the end of markets through its retail net- made with the card. Globally, March 2016. The two compa- works, online and mobile phone the JCB acceptance network nies have held discussions on channels. comprises approximately 28 mil- renewing the existing contract lion merchants and over 1 mil- but have agreed to not extend it Drillisch prepares to launch lion ATMs across around 190 further. Wirecard mobile payment countries. ______service ______

In Germany, independent tele- RETAILER CARDS coms firm Drillisch has agreed to begin offering Wirecard’s Alliance Data renews private- ‘boon’ mobile payment service, label credit card partnership which will be launched in sum- with FULLBEAUTY Brands mer 2015. The service will be marketed by the etelon and In the US, Alliance Data’s retail yourfone brands operated by services arm has signed a long- Drillisch, which has more than 2 term renewal agreement to con- million customers. tinue offering private-label ______credit card services for FULL- BEAUTY Brands, a fashion line for plus-sized male and female customers that is based in New York and that includes seven separate brands including Roaman's, swimsuitsforall, Jes-

www.finaccord.com 17 Global Affinity Finance Club

Organisations in this issue

3, 16 eTranzact International, 14 Rite Aid, 13 AA, 8 ExxonMobil, 13 Russian Standard Bank, 14 Ageas, 9 fastacash, 15 Samsung, 14, 16 Airtel, 15 Fiat Chrysler, 12 Scott Sports, 8 Alliance Data, 13, 17 Fifth Third, 15 SKI 360, 9 Allianz, 7 First Niagara, 15 Société Générale, 10 Ally Financial, 12 Friends Life, 6 Solid Försäkringar, 8, 10 Alptis Assurances, 6 FULLBEAUTY Brands, 17 Sparbankernas Kort, 10 American Express, 12, 13, 17 Geely, 12 Steadfast, 5 Antarius, 10 Generali, 10 Sterling Pet Solutions, 7 Apple, 15 Genworth Financial, 10 Steward Bank, 14 ARAG, 9 GM, 12, 13 Sun Life, 9 Asia Commercial Bank, 17 Google, 6 Synchrony Bank, 16 AT&T, 13 Gras Savoye, 9 Tachodisc, 10 AXA Assistance, 8 Groupe BPCE, 11 Tata AIA Life, 10 Banco de Crédito Cooperativo, 12 HDFC Bank, 13 Teachers Assurance, 5 BBVA Compass, 12 Helvetia, 10 TeamSportia, 8 BECU, 15 Hollard, 5, 9 Tokio Marine, 5 Best Doctors, 6 Horizon, 9 UAE Exchange, 14 BGL BNP Paribas, 16 Howden Broking Group, 11 UNIQA, 17 Bike Partner, 8 Hulu, 13 Unitywater, 5 BNP Paribas Personal Finance, 12 Huntington National Bank, 15 Vartex, 8 Boku, 16 ICICI Bank, 14 Verex Group, 7 Botswana Public Employees Union, Jasper Infotech, 13 Virgin Money, 9 9 JCB, 17 Visa, 14, 15 Capital One, 13 Lloyd’s of London, 6 Wagamama, 15 Chaucer, 6 Lufthansa, 8, 14 Wirecard, 17 Cigna, 6, 8 LV=, 5 CIMB Insurance Brokers, 11 Lyft, 7 Citibank, 10 Macy's, 13 CNP Assurances, 6, 11 MAPFRE, 5, 7, 8 Collinson Group, 5 Masabi, 15 Columbus Direct, 6 MasterCard, 14, 15 CompareNow, 6 Maxis Berhad, 16 Costco, 7, 17 Maybank, 16 CoverCloud, 7 Mercury Insurance, 6 CoverHound, 6 MetLife, 6, 7 Crédit Agricole, 12 MTN, 16 Deutsche Bahn, 9 Nationale Suisse, 8 Digicash Payments, 16 Nationwide, 13 Direct Energy, 13 Orange, 16 Drillisch, 17 PayPoint, 17 Ecobank, 16 PPF Group, 10 EDF Energy, 5 RAC, 10 Ergovisão, 7 Raiffeisen, 10 ERV, 9 Red Roof Inn, 13

www.finaccord.com 18 Global Affinity Finance Club Latest Reports

Finaccord’s latest published reports include:

∗ Automotive Finance and Leasing in the Asia-Pacific Region GBP 1,995 ∗ Bancassurance in China: Life, Non-Life and Creditor Insurance GBP 995 ∗ Commercial Non-Life Insurance Brokers in Brazil GBP 795 ∗ Commercial Non-Life Insurance Brokers in Canada GBP 795 ∗ Commercial Non-Life Insurance Brokers in China GBP 795 ∗ Commercial Non-Life Insurance Brokers in South Africa GBP 795 ∗ Creditor Insurance in the Asia-Pacific Region GBP 2,995 ∗ Creditor Insurance in Canada GBP 595 ∗ D&O Insurance in Europe GBP 2,995 ∗ D&O Insurance in Germany GBP 595 ∗ D&O Insurance in the UK GBP 595 ∗ Extended Warranties for New and Used Cars in the Asia-Pacific Region GBP 1,995 ∗ Extended Warranties for New and Used Cars in Latin America GBP 1,495 ∗ Global Mobile Operators: Strategies in Insurance and Assistance GBP 1,995 ∗ Global Mobile Operators: Strategies in Payments and Banking GBP 1,995 ∗ Global Mobile Operators: Strategies in Payments, Banking, Insurance and Assistance GBP 2,995 ∗ Manufacturer-Branded and Dealer-Intermediated Motor Insurance and Road Assistance in the Asia-Pacific Region GBP 1,995 ∗ Road Assistance in Major Global Markets GBP 2,995 ∗ Trade Credit Insurance in Major Global Markets GBP 2,995 ∗ Travel Insurance and Assistance in France GBP 795 ∗ Travel Insurance and Assistance in Germany GBP 795 ∗ Travel Insurance and Assistance in Italy GBP 795 ∗ Warranty Metrics: Consumer Approaches to Extended Warranties for White, Brown and Grey Goods in Selected Global Markets GBP 3,995

www.finaccord.com 19 Global Affinity Finance Club

About GAFC About Finaccord Does your organisation have The Global Affinity Finance Club Finaccord is a leading market re- news about its affinity or is Finaccord’s quarterly newsletter search, publishing and consulting partnership marketing rela- about affinity financial services company specializing in financial tionships that we missed in services. We provide our clients worldwide. Through this, Finac- this newsletter? To produce with insight with a particular focus cord publishes high-level informa- it, we systematically research tion about key strategic develop- on marketing and distribution over 350 major financial ser- ments in affinity and partnership strategies, including affinity and vices institutions from marketing of financial services partnership marketing. around the world, segmented be- around the world each quar- tween affinity insurance news, ban- Our areas of expertise include: af- ter. However, if you would cassurance news and affinity bank- finity and partnership marketing; also like us to include your ing news. automotive financial services; ban- company in this research, cassurance; commercial non-life please send an e-mail to This service differs from that pro- insurance brokers; consumer intel- [email protected] and we vided by other research companies ligence; creditor insurance; distri- will ensure that it is tracked because its focus is genuinely bution channels; extended warran- in future quarters. global, often translating news that ties; home emergency insurance only appears in languages other and assistance; insurance and assis- To access the archive of news than English. In addition, it con- tance linked to payment cards and from the Global Affinity Fi- bank accounts; mobile gadget and centrates exclusively on affinity nance Club please visit telephone insurance; retailer finan- and partnership marketing strategy. www.finaccord.com/afi Affinity and partnership marketing cial services; road assistance; small strategy is an important compo- business financial services; and nent of general distribution strat- travel insurance and assistance. egy for a majority of large banks and insurance companies serving Our international network of con- consumers and small businesses, as sultants is able to deliver informa- successful partnerships potentially tion quickly and accurately across a allow them to access groups of range of countries worldwide, bas- customers that they cannot always ing research projects on robust reach by themselves. data and knowledge rather than supposition and theory. If you would like to join Finac- cord’s Global Affinity Finance © Finaccord Ltd., 2015 Club, contact us by telephone or Registered in London No. 4542931 send us an email to The Office Farringdon [email protected] . Thereafter, 24 Greville Street each quarter, we will send you a London, link to the page of our website EC1N 8SS with fresh news and future editions of this document. Phone: +44 20 3178 2556 Fax: +44 20 7198 7902 Email: [email protected] www.finaccord.com

www.finaccord.com 20