It is believed a “signing ceremony” is due to take place tomorrow afternoon between the various heads of the business units, with confirmation of the deal set to be announced shortly after.
The deal will see insurer Metlife’s products offered through branches of Emirates NBD Bank, although it is not yet clear whether this will be limited to those branches within the UAE.
Neither Metlife nor Emirates NBD would confirm whether a deal has taken place.
Metlife, until last month known as Metlife Alico in the UAE, has had a presence in the country for more than 50 years and offers a range of life, accident and health insurance products across the Gulf region.
Metlife is a well established global insurance company, with its origins having been established in New York almost 150 years ago. It now has operations across the Americas, Europe and Asia Pacific.
Emirates NBD Bank meanwhile, is part of the larger Emirates NBD Group formed in October 2007 when shares of Emirates NBD were officially listed on the Dubai Financial Market, as part of a merger of Emirates Bank International and the National Bank of Dubai.
Emirates NBD currently has 220 branches worldwide, although the large majority of these are within the UAE or Gulf region. It has operations in the UAE, Egypt, the Kingdom of Saudi Arabia, Qatar, Singapore, the United Kingdom, and representative offices in India, China and Indonesia.
As of the 31 December 201, Emirates NBD had assets AED342.1bn.
