Bloomfield health giant Cigna Corp. is paying $103 million for a majority stake in one of Turkey’s biggest bank-branch operators through which Cigna will market its insurance products to an expanding middle class, authorities say.
Cigna said it agreed to acquire 51 percent of Finans Emeklilik, Turkey’s sixth largest life and pension provider. Finans runs a retail network of 500 financial branches through which its products are marketed to its 10 million customers, Cigna says.
Cigna described its Finans deal as a joint venture through which Cigna will market its life, pension and accident products.
In exchange, Finans gains access to Cigna’s direct-marketing expertise, officials said.
“With its expanding population, growing [gross domestic product], and low insurance penetration, Turkey is an ideal market for Cigna’s innovative product offering that helps customers improve their health, well-being and sense of security,” Jason Sadler, CEO of Cigna International Health, Life and Accident, said in a statement.
Cigna was advised by Citigroup Global Markets Ltd.
