BTN Begins New Business Selling Bancassurance

Jakarta, Oct 22 (Antara) - State lender PT Bank Tabungan Negara has secured approval from the Financial Service Authority (OJK) to sell new product bancassurrance. "The new business is an additional service for our loyal clients," the bank president Maryono said here on Monday. The bank sells the product in cooperation with a number of life insurance companies -- PT Zurich Topas Life, PT Asuransi Jiwa Generali Indonesia, and PT Asuransi Jiwasraya (Persero) Tbk. Maryono said the cooperation with the insurance companies is part of the bank to strengthen its competitiveness in the banking business. The new business is expected to contribute to its fee-based income, he said, adding the bank hopes to chalk up Rp100 billion in income from the new business 2015. "It is not very big but in the coming years, we hope the new business would be a motor to increase fee based income," he said. The bancassurance products already sold by the state smallest lender include Ziaga Life, Ziaga Proteksi, G-Plan, JS Sharta, and JS Prestasi.