Through successful cooperation with Alico, Barclays offers the "Credit Shield" program for credit card holders

Cairo – March 26th 2009

In an attempt to consolidate its successful partnership with ALICO for the second time in the first three months of 2009, Barclays offers a new "Credit Shield Program" after the introduction of the "Sehaty" medical card last January.

Through this partnership, Barclays Bank Egypt brings forward the new "Credit Shield Program" for credit card holders through which the client enjoys insurance coverage valued at his total dues on the card against death or incapacity as well as chronic and dangerous diseases. To that this program represents an additional value for Barclaycard holders.

This service is offered to credit card holders aged 21–65 years old. For better convenience and consistency, the bank added a special value to the service by charging the service fees only if the card have an outstanding balance, with no flat fee in case of the outstanding balance is zero; making the program a convenient one without putting any additional burden on our customers.

Commenting on the new service, Mr. Bassel Kelada Consumer Banking Director at Barclays Egypt commented, "Within the framework of Barclays Egypt strategic plan to branch out in its retail banking services, we have studied the Egyptian market deeply which enabled us to cooperate with ALICO on this service. Our goal is to fulfill the growing demand on banking products and services with added value to meet the changing needs of our clients."

"We added this service out of our keenness to show our clients that we care to introduce them with the most up to date services. Barclays continues to offer cutting–edge financial solutions that meet our customers needs, especially insurance services that grant them security and convenience. This is what the bank seeks from introducing new insurance programs such as this and Barclays Egypt will expand the introduction of these types of programs in the coming phase," he added.

The Bank's first priority this year lies in its strategic expansion through increasing its range of products and services, following the completion of its first phase of geographical expansion which reached 65 branches nationwide by the outset of 2009.

Barclays Egypt continues to provide its local customers in different segments with more products and services that meet their needs through its vertical expansion. Moreover the bank is applying a group of new policies and programs with the aim of boosting the customer service level.

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Barclays Bank – Egypt in brief:

Barclays Bank Egypt began operations in 1864 but was nationalized in 1956. It re–entered Egypt about 30 years ago in a joint venture with Banque du Caire. In March 2004, Barclays acquired 100% ownership and control of the business. Through horizontal and vertical expansion plan, number of bank employees exceeded 2168 with 75% rise compared to same period last year to serve clients across the country through a network of 93 ATMs and 57 branches.

(Above figures are reported as at financial performance report ending September 2008)

 

American Life Insurance Company (ALICO) in brief

American Life Insurance Company (ALICO) was established in Egypt in 1997 as the first international life insurance company to enter the Egyptian market. ALICO achievements in Egypt over the last years proved its competency in providing insurance services and programs for more than 150,000 clients.

ALICO is one of the biggest life insurance companies in terms of varied insurance programs which meet different protection and saving needs for different social brackets.

ALICO provides a number of different insurance packages and programs for individuals and companies covering different insurance needs for Egyptian citizens represented in life insurance, accident insurance, medical services and income insurance. The company effectively participated in Egyptian society through providing insurance services for thousands of families.

ALICO aspires for supporting and developing its marketing and administrative skills in all fields to continue providing protection for Egyptian family and help in overcoming financial catastrophes and planning for retirement stage.