Global Bancassurance: Product and Partnership Strategies in Commercial Non-Life of the World’s Top 500 Retail Banking Groups

Global Bancassurance Product and Partnership Strategies in Commercial Non-Life Insurance of the World's Top 500 Retail Banking Groups

Report Prospectus

January 2018

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Prospectus contents

Page

What is the research? 3 How do country-specific retail banking units covered break down by region and group? 4 What is the report structure? 5 Output example: banking group involvement in commercial non-life insurance plus unweighted and weighted provider share of partnerships 6 What are the key features of the research? 7 How can the research be used? 8 How can the Partner BASE™ be used? 9 Who can use the research? 10 What are some of the key findings? 11-13 Which banking groups are covered? 14-17 What is the cost and format? 18 Country-specific reports about bancassurance 19 How can the research be purchased? 20

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What is the research?

Global Bancassurance: Product and Partnership Strategies in Commercial Non-Life Insurance of the World's Top 500 Retail Banking Groups is a report and PartnerBASE™ dataset that provides a detailed overview of the product and partnership strategies for commercial liability, motor and property insurance, plus professional indemnity, trade credit and other forms of commercial non-life insurance of 500 of the world's leading banking groups with a primary focus on serving consumers and small business customers. In total, the research investigates 1,572 country-specific retail banking units across over 100 countries since some of these groups are active in retail banking in multiple territories.

For each country-specific unit, it ascertains which of these types of commercial lines cover are offered, the operating model used where they are available (differentiating, for example, between external, joint venture and captive underwriting partners) and the identity of the insurance providers in each case.

This dataset is then used to analyse the product and partnership strategies for commercial liability, motor and property insurance, plus professional indemnity, trade credit and other forms of commercial non-life insurance of each of the 500 retail banking groups. For example, it shows whether internationally- diversified groups utilise the same insurance partners for these six insurance types across multiple countries or whether they formulate their approach at a country-specific level and it demonstrates which groups are reliant wholly or mainly on captive or joint venture underwriters. Moreover, the analysis also identifies the insurance groups that have established the most partnerships with for each form of insurance.

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How do country-specific retail banking units covered break down by sub-region and group?

American Express 60 Sub-Saharan BNP Paribas 45 Africa, 186 Santander 38 North America Asia-Pacific and the region, 364 HSBC 34 Caribbean, 75 Société Générale 29 28 Middle East Citigroup 27 and North Raiffeisen Bankegruppe 24 Africa, 159 Australasia, 30 Crédit Agricole 23 Scotiabank 20 Crédit Mutuel 16 16 Latin America, Ecobank 15 186 Groupe BPCE 15 14 Europe, 572 BBVA 14 others 1,154

0 20 40 60 80 100

Source: Finaccord Global Bancassurance PartnerBASE for the World’s Top 500 Retail Banking Groups

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What is the report structure?

0. Executive Summary: providing a concise evaluation of the principal findings of the report.

1. Introduction: offering rationale, description of methodology and some definitions.

2. Group Strategy Overview: this chapter uses data gathered across the 500 banking groups researched for this report (via the 1,572 country-specific banking units and other lending institutions belonging to them) in order to give a combined analysis of their product and partnership strategies for commercial liability, motor and property insurance, plus professional indemnity, trade credit and other forms of commercial non-life insurance. As such, it presents an overview of the provision rates for each product type followed by regional and sub-regional variances. These are followed by an overview of the operating models used for each scheme identified. Then, the chapter concludes with graphics illustrating the unweighted provider share of partnerships across the 500 banking groups for each of these six types of commercial lines cover.

3. Group Strategy Analysis: for each of the 500 banking groups in turn, the interactive PartnerBASE™ dataset provides an overview of their retail operations and a summary of their product and partnership strategy for each policy type including a table illustrating their involvement in these fields and a pair of bar charts depicting unweighted and weighted provider share of partnerships for the six insurance types in scope (see slide 6 as an example).

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Output example (for Crédit Agricole): banking group involvement in commercial non-life insurance plus unweighted and weighted provider share of partnerships

Group overview

Total assets worldwide (USD billion) 1,661.3 Approx. number of customers worldwide (million) 56.44 Countries researched 15 Banking operations researched 23 Captive underwriter(s) for products in scope? Yes JV underwriter(s) for products in scope? No

Unweighted product provision rates

Commercial property insurance 13.0% Professional indemnity insurance 0.0% Commercial liability insurance 13.0% Trade credit insurance 4.3% Commercial motor insurance 13.0% Other commercial non-life insurance 8.7%

Unweighted provider share of partnerships, % (UHCs) Weighted provider share of partnerships, % (UHCs)

Crédit Agricole 58.3% Crédit Agricole 85.9% PZU 16.7% AXA 5.8% AXA 8.3% Hiscox 5.8% Hiscox 8.3% SACE 1.6% SACE 8.3% PZU <1%

Source: Finaccord Global Bancassurance PartnerBASE for the World’s Top 500 Retail Banking Groups

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What are the key features of the research?

Key features of this research include:

• across a total of 1,572 consumer banking units owned by the world’s top 500 retail banking groups, an overview of the provision rates for six types of commercial non-life insurance segmented by sub- region, with coverage of the Asia-Pacific region, Australasia, Europe, Latin America, the Middle East and North Africa, North America and the Caribbean, and Sub-Saharan Africa;

• identification of the insurance providers that hold the most partnerships with the banking groups and units in scope for each form of commercial lines cover;

• for each banking group, an analysis of the providers that it uses for these six products presented in both unweighted and weighted terms, thereby illustrating not only which partners are engaged in the most initiatives with that group but which are likely to hold the most valuable relationships given the number of retail customers of the local country unit in question;

• availability of an accompanying interactive PartnerBASE™ dataset that details close to 1,400 distinct initiatives for commercial liability, motor and property insurance, plus professional indemnity, trade credit and other forms of commercial non-life insurance and that is fully searchable and filterable, enabling provision and distribution patterns to be explored by banking brand, banking group, country and insurance type.

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How can the research be used?

The report and PartnerBASE™ dataset that accompanies it can be used in one or more of the following ways:

- gain access to a unique information source that will allow you to arrive at a rapid understanding of the product and partnership strategies for six types of commercial non-life insurance of 500 of the world's leading retail banking groups;

- understand how provision rates for these six insurance types vary between banking units belonging to these groups located in the Asia-Pacific region, Australasia, Europe, Latin America, the Middle East and North Africa, North America and the Caribbean, and Sub-Saharan Africa;

- appreciate which insurance providers have been successful in establishing partnerships for the forms of commercial lines cover in scope with these banking groups: what is the relative position of leading underwriters such as Allianz, AXA, MAPFRE, MS&AD Holdings and Zurich plus brokers such as Arthur J. Gallagher, Aon, JLT, Marsh and Willis Towers Watson?

- evaluate opportunities to establish bancassurance partnerships for commercial non-life insurance either in a single country or across multiple territories where banking groups are active;

- benefit from both the high-level conclusions contained within the report and the product-specific detail in the PartnerBASE™, meaning that this is a study that can be used for both strategic and tactical planning.

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How can the PartnerBASE™ be used?

Select banking brand Filter by product Identify partner(s)

Product Banking group Banking brand Country Product Operating model Partner(s) UHC(s) offered?

Millennium BCP Millennium BCP Portugal Commercial liability insurance Yes External underwriter Ocidental Seguros Ageas Millennium BCP Millennium BCP Portugal Commercial motor insurance Yes External underwriter Ocidental Seguros Ageas Millennium BCP Millennium BCP Portugal Commercial property insurance Yes External underwriter Ocidental Seguros Ageas Millennium BCP Millennium BCP Portugal Other commercial non-life insurance No Millennium BCP Millennium BCP Portugal Professional indemnity insurance No Millennium BCP Millennium BCP Portugal Trade credit insurance No Millennium BCP Millennium bim Mozambique Commercial liability insurance Yes Captive underwriter Seguradora Internacional de Moçambique Millennium BPC Millennium BCP Millennium bim Mozambique Commercial motor insurance Yes Captive underwriter Seguradora Internacional de Moçambique Millennium BPC Millennium BCP Millennium bim Mozambique Commercial property insurance Yes Captive underwriter Seguradora Internacional de Moçambique Millennium BPC Millennium BCP Millennium bim Mozambique Other commercial non-life insurance No Millennium BCP Millennium bim Mozambique Professional indemnity insurance No Millennium BCP Millennium bim Mozambique Trade credit insurance No

Choose See operating model View UHC(s) of partner(s) Filter by group country

Source: Finaccord Global Bancassurance PartnerBASE for the World’s Top 500 Retail Banking Groups

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Who can use the research?

1. Banking groups: approaches to distributing commercial liability, motor and property insurance, plus professional indemnity, trade credit and other forms of commercial non-life insurance vary enormously across the 500 banking groups investigated – if your organisation is reviewing its own product or partnership strategy in this field then this study will help it to benchmark itself against its global peer group;

2. Insurance underwriters: this research provides a comprehensive guide to the product and partnership strategies in commercial non-life insurance of 500 major retail banking groups, allowing you to formulate strategy at both regional and country-specific levels;

3. Management consultancies: if you are helping an insurance or banking group with its strategy in commercial non-life insurance, then this research will summarise the worldwide landscape, saving time and effort on researching the subject yourself;

4. banks: depending upon the regulatory environment, their financial constraints and their strategic intent, banking groups regularly review whether they should develop, buy or divest insurance operations which, naturally, can generate work for the community.

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What are some of the key findings? 1) Banks in Australasia show the most enthusiasm for distributing commercial lines insurance products

Asia-Pacific region 0.77

Australasia 2.93

Europe 1.09

Latin America 1.14

Middle East and Africa 0.21

North America and the Caribbean 0.59

Sub-Saharan Africa 0.59

0 1 2 3 4 5 6 Average number of commercial lines insurance products offered per banking unit researched

Source: Finaccord Global Bancassurance PartnerBASE for the World’s Top 500 Retail Banking Groups

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What are some of the key findings? (cont.)

2) Banks intermediating commercial non-life insurance do so by means of a variety of operating models, including usage of both captive and external brokers

Undisclosed, 4.9% Other, 2.8%

Captive broker, External 15.0% underwriter, 35.0%

External broker, 5.8%

JV underwriter, 8.3% Multiple external Captive underwriters, underwriter, 5.8% 22.4%

Source: Finaccord Global Bancassurance PartnerBASE for the World’s Top 500 Retail Banking Groups

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What are some of the key findings? (cont.)

3) On an unweighted basis, Allianz, AXA and Zurich are the leading partners of banks worldwide for commercial liability insurance and providers outside of the top ten make up over three quarters of all relationships

Allianz, 3.7% AXA, 3.4% Zurich, 3.4% Provider 4, 2.7% Provider 5, 2.7% Provider 6, 2.4% Provider 7, 1.7% Provider 8, 1.7% Provider 9, 1.5% Provider 10, 1.2%

All others, 75.6%

Note – the identities of providers 4 to 10 are disclosed in the report Source: Finaccord Global Bancassurance PartnerBASE for the World’s Top 500 Retail Banking Groups

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Which banking groups are covered?

Abanka Alliance Financial Group Banco Atlantida Banco Nacional de Costa Rica Negara Indonesia ABN AMRO Allied Bank Banco BIC Banco Nacional de Panamá Abu Dhabi Islamic Bank Group Banco Bolivariano Banco Pan Bank of Baroda Access Bank Group AmBank Group Banco Caja Social Banco Popular (Costa Rica) Bank of Beijing ACLEDA Bank Amen Bank Banco Consorcio Banco Popular (Dominican Republic) Bank of Beirut ADB American Express Banco Credicoop Banco Popular (Puerto Rico) Bank of Ceylon ADCB AnaCap Financial Partners Banco da Amazônia Banco Postal Addiko Bank Anadolubank Banco Davivienda Banco Provincia Bank of Commerce AEON Financial Services ANB Group Banco de Brasília Banco República Bank of Communications Affin Holdings Andhra Bank Banco de Córdoba Banco Ripley Bank of India African Bank ANZ Banco de Costa Rica Agribank Arab Bank Banco de la Ciudad Banco Sol Bank of Jiangsu Agricultural Bank of China Argenta Group Banco de la Nación (Argentina) BancoEstado Bank of Ningbo Ahli United Bank ATB Financial Banco de la Nación (Perú) Banesco Bank of Queensland AIB Group Atlas Mara Banco del Pacífico Bangkok Bank Bank of Shanghai AK BARS Bank Axis Bank Banco do Brasil Bank Albilad Bank of the Philippine Islands Akbank B&N Bank Banco do Nordeste Bank AlJazira Bank of Yokohama Al Baraka Banking Group BADR Banco Falabella Bank Asya Bank Rakyat Indonesia Al Rajhi Bank BanBajío Banco Ficohsa Bank Audi Banka Citadele Al Salam Bank – Bahrain Banca Afirme Banco General Bank Central Asia Alfa Banking Group Banca Mediolanum Banco GNB Sudameris Bank Danamon BankMed alinma bank Banca Transilvania Bank Hapoalim Banorte Alior Bank Banco Agrario de Colombia Banco Industrial Bank Leumi BanPará Allahabad Bank Banco Ahorro Famsa Banco Mercantil do Brasil Bank Mandiri Banque de Tunisie Alliance Data Card Services Banco Alfa Banco Mercantil Santa Cruz Bank Muscat Group Banque du Caire

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Which banking groups are covered? (cont.)

Banque et Caisse d'Épargne de l'État BMO Financial Group China Construction Bank Coventry Building Society Dubai Islamic Bank Banque Extèrieure d'Algérie BNA (Banque Nationale d’Algérie) China Everbright Bank CPA Bank Ecobank Banque Française Mutualiste BNK Financial Group China Guangfa Bank CRDB Bank Eika Gruppen Banque Misr BNP Paribas China Merchants Bank Credicorp Emirates NBD BanReservas BPC China Minsheng Bank Crédit Agricole Equity Group Holdings Banrisul BPI Chongqing Rural Crédit Mutuel Bradesco CIB Credit Saison Basler Kantonalbank BSN CIBC Credit Suisse Group Evergrowing Bank BAWAG PSK Burgan Bank CIH Bank CTBC Financial Holding Exim Bank Group BayernLB Byblos Bank Group CIMB Group CYBG FBN Holdings BB&T Caixa Econômica Federal Citigroup FCMB BBK Caja de Ahorros (Panama) Citizens Financial Group DBS FGB BBVA Caja Los Andes Clientis De Volksbank FiBA Group Bci Caja Popular Mexicana CNEP Banque Desjardins Group Fibank BDO Unibank Cambodia Post Bank Coast Capital Savings Fidelity Bank BEA Group Canadia Bank Comerica DFCU Bank Fifth Third Bancorp Beijing Rural Commercial Bank Canara Bank Commercial Bank of Ceylon DGB Financial Group Financiera Independencia Belfius Capital One Commercial Bank of Dubai Diamond Bank First Ukrainian International Bank Bendigo and Adelaide Bank CB Bank Commercial Bank of Ethiopia Discount Bank FirstRand Group BGFIBank Group CBA Group Commercial Bank of Qatar Discover Financial Services Fukuoka Financial Group BIAT CEC Bank DNB GarantiBank BIDV Centenary Bank Commonwealth Bank Group Doha Bank Gazprombank BLOM Bank Co-operative Bank of Kenya DongA Bank GCB BMCE Bank Chiba Bank Cornèr Banca Drei Banken Gruppe Global Bank BMN China CITIC Bank Corporation Bank DTB Group Government Savings Bank (Thailand)

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Which banking groups are covered? (cont.)

Groupe Attijariwafa Habib Bank International Personal Finance Montepio Halkbank Intesa Sanpaolo Multibank Groupe BPCE Hamburger Sparkasse Investec Laboral Group Groupe NSIA Hana Financial Group İşbank Landesbank Baden-Württemberg of Canada Grupo Aval Islami Bank Bangladesh Landesbank Berlin National Bank of Egypt Grupo Bancolombia Hatton National Bank Itaú Unibanco Holding Lao Development Bank Grupo Caja Rural HDFC Bank Janata Bank Leeds Building Society National Bank of Pakistan Grupo CGD Hokuhoku Financial Group Japan Post Bank Liberbank Nationwide Building Society Grupo Coomeva Hong Leong Financial Group JB Financial Group Navy Federal Grupo Galicia Housing Bank for Trade and Finance JCB Los Héroes NBAD Grupo Interbank HSBC JP Morgan Chase M&T Bank NBB Grupo Macro Hua Nan Financial Macquarie Group NBK Grupo Pichincha Hua Xia Bank Kasikorn Bank Bank NBO Grupo Safra Huishang Bank KB Financial Group Maybank NCB Grupo Salinas Huntington Bancshares KBC Group MCB (Mauritius Commercial Bank) Nedbank Group Grupo Security IberCaja Banco KBZ Bank MCB Bank NH Financial Group Grupo Supervielle ICBC KCB Group MedMera Bank NIC Bank Group Gruppo ICICI Bank KeyCorp Mega International Commercial Bank Nishi-Nippon City Bank Gruppo Banca Sella IKANO Bank Keystone Bank Group Metrobank NLB Group Gruppo BPER Inbursa Kiwibank Midway Financeira NMB (National Microfinance Bank) Gruppo BPM Indian Bank Komercijalna Banka Migrosbank Noble Bank Gruppo Credem Indian Overseas Bank Korea Post Bank Millennium BCP Noor Bank GTBank Industrial Bank Krungthai Bank Mitsubishi UFJ Financial Group Group Guangzhou Rural Commercial Bank Industrial Bank of Korea Kuwait Finance House Mizuho Financial Group Nova KBM Group Gulf Bank ING Group La Araucana Monte dei Paschi di Siena

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Which banking groups are covered? (cont.)

Nuevo Banco de Santa Fe Qatar International Islamic Bank Saudi Hollandi Bank State Employees Credit Union Unicaja Nykredit Qatar Islamic Bank Sberbank Sterling Bank UniCredit OCBC QNB SBI Group Suhyup Bank Union Bank of India Oney Banque Accord SBM Group Sumitomo Mitsui Financial Group Union National Bank OP Financial Group Raiffeisen Bankengruppe Scotiabank Suncorp Group United Bank of India Orient Corporation Raiffeisen Switzerland SEB Group SunTrust Banks UOB Group Oriental Bank of Commerce RAKBANK S-Group UralSib Oschadbank Rakuten Bank Shanghai Commercial Bank Synchrony Financial USAA Otkritie Holding RBC Shanghai Pudong Development Bank Syndicate Bank VakıfBank OTP Group RBS Group Shanghai Rural Commercial Bank Taishin Financial Holding Vancity Pentagon Federal Credit Union RCBC Shinhan Financial Group Taiwan Bank Vietcombank People’s Bank Regions Financial Corporation Shoko Chukin Bank Taiwan Financial Holdings Vietinbank Permanent TSB Group Renaissance Credit Siam Commercial Bank TCS Group Virgin Money Philippine National Bank Republic Bank Šiaulių Bankas TD Bank Group Volksbank Gruppe Ping An Bank Resona Holdings Sicredi TEBA Group Votorantim Finanças RHB Banking Group Skipton Building Society The Co-operative Bank VTB Group PKO Bank Polski Riyad Bank SKOK Turkish Bank Group PNC Financial Services Group Rupali Bank Skye Bank U.S. Bancorp Westpac Postal Savings Bank of China Russian Agricultural Bank Société Générale UBA Group Woori Bank Group Postfinance Russian Standard Bank Sonali Bank UBI Banca Wüstenrot & Württembergische Poštová Banka Säästöpankki SpareBank 1 Gruppen UBL Yamaguchi Financial Group PPF Group Samba Financial Group Sparkasse KölnBonn UBS Yorkshire Building Society PrivatBank Sampath Bank Standard Bank Group UCO Bank Zenith Bank Public Bank Samsung Card Standard Chartered Ukrgasbank Ziraatbank Punjab National Bank Santander State Bank of India uniBank Zürcher Kantonalbank

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What is the cost and format?

Global Bancassurance: Product and Partnership Strategies in Commercial Non-Life Insurance of the World's Top 500 Retail Banking Groups is available as a standard PDF document. The PartnerBASE™ dataset that accompanies it at no further charge is in Excel format. Costs for this research set and other related, multi-country bancassurance titles being made available during 2017 and the first quarter of 2018 are as follows:

REPORT PRICE *

Global Bancassurance: Product and Partnership Strategies of the World’s Top 500 Retail Banking Groups USD 11,195

Global Bancassurance: Product and Partnership Strategies of the World’s Top 150 Retail Banking Groups USD 5,595

Bancassurance in Africa and the Middle East: Product and Partnership Strategies of the Region’s Top 120 Retail Banking Groups USD 2,795 Bancassurance in the Americas: Product and Partnership Strategies of the Region’s Top 120 Retail Banking Groups USD 2,795 Bancassurance in the Asia-Pacific Region and Australasia: Product and Partnership Strategies of the Region’s Top 150 Retail Banking Groups USD 4,195 Bancassurance in Europe: Product and Partnership Strategies of the Region’s Top 150 Retail Banking Groups USD 4,195

Global Bancassurance: Product and Partnership Strategies in Accident and Health Insurance of the World’s Top 500 Retail Banking Groups USD 3,495 Global Bancassurance: Product and Partnership Strategies in Commercial Non-Life Insurance of the World’s Top 500 Retail Banking Groups USD 3,495 Global Bancassurance: Product and Partnership Strategies in Investment-Related Life Insurance and Retirement Savings of the World’s Top 500 Retail Banking Groups USD 3,495 Global Bancassurance: Product and Partnership Strategies in Motor, Household and Travel Insurance of the World’s Top 500 Retail Banking Groups USD 3,495 Global Bancassurance: Product and Partnership Strategies in Personal and Identity Protection Insurance of the World’s Top 500 Retail Banking Groups USD 3,495 Global Bancassurance: Product and Partnership Strategies in Protection-Related Life Insurance of the World’s Top 500 Retail Banking Groups USD 3,495

* Titles focused on bancassurance in single countries are as shown overleaf – for Singapore-based clients, GST at the prevailing rate will be added to the basic price – costs quoted are for a single site user licence only – for a corporate user licence, please see the next slide for further details – invoices can be paid in EUR or GBP, at the prevailing exchange rate, if preferred.

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Country-specific reports about bancassurance

Separate reports about bancassurance in different countries are available as listed below. These cover investment-related life insurance and retirement savings, protection-related life insurance, accident and health insurance, motor and household insurance, and creditor insurance linked to mortgages, consumer finance and credit cards.

BANCASSURANCE IN…

Belgium USD 1,395 Malaysia USD 1,395 Brazil USD 1,395 Mexico USD 1,395 Chile USD 1,395 Philippines USD 1,395 China USD 1,395 Poland USD 1,395 USD 1,395 Russia USD 1,395 Hong Kong USD 1,395 South Korea USD 1,395 India USD 1,395 USD 1,395 Indonesia USD 1,395 Thailand USD 1,395 Italy USD 1,395 Vietnam USD 1,395 Japan USD 1,395

* For Singapore-based clients, GST at the prevailing rate will be added to the basic price. Costs quoted are for a single site user licence only. For a corporate user licence, please see the final slide for further details. Invoices can be paid in EUR or GBP, at the prevailing exchange rate, if preferred.

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How can the research be purchased?

Simple. Just go to the relevant area of the Finaccord website, create your account (if you do not have one already) and place your order online. Products paid for online by card will be delivered immediately by e-mail but please allow up to one working day for delivery by e-mail if you choose to pay on receipt of invoice.

With regards to the corporate user licence, you will be asked to choose one of the following options: 1. One office, one country: no supplement over and above basic cost of reports ordered 2. Multiple offices, one country: additional 20% over and above basic cost of reports ordered 3. Multiple offices, two to ten countries: additional 50% over and above basic cost of reports ordered 4. Global (unlimited offices in unlimited countries): additional 100% over and above basic cost of reports ordered

Alternatively, you can place an order by sending your request to [email protected], clearly stating the product(s) required, associated price(s) and billing details for eventual invoice or card payment receipt.

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