Банкеръ Weekly

Briefs

EIBANK TO ACT AS LUKOIL GARANT'S INSURANCE INTERMIDIARY

A couple of days ago Lukoil Garant Bulgaria has signed a contract for cooperation with EIBank. Both institutions have signed another contract according to which the bank will act as an insurance intermidiary for the pension insurance company. According to the insurance company expert, at the moment the partners are specifying which of the numerous EIBank offices will offer Lukoil Garant's pension insurance services. According to plans in each bigger or strategic branch the bank will have a counter of the pension insurance company.
It is not yet clear whether the insurance intermidiary services will be rendered by specially trained bank officers or whether Lukoil Garant Bulgaria employees will work at the bank branches. A Lukoil Garant Bulgaria manager said that choosing EIBank to act as an insurance intermidiary was due to the fact that the pension insurance company was late to start its operation in Bulgaria and now it had to catch up with the other companies. And the bank is among the good credit institutions, it has a well developed branch network, and besides it has been acting as Lukoil Garant Bulgaria's depository. In order to penetrate the market as soon as possible the petrol pension company has signed some other insurance intermidiary contracts also.
A week ago Lukoil Neftochim management signed a contract for additional pension provision of their employees with Lukoil Garant Bulgaria. According to the contract, signed on April 3, 2001, the refinery managers made the committment to make additional pension provisions for their employees amounting to BGL10 per month for their own account. Should the petrochemical workers like to have higher additional provisions, their employers will proportionally increase the amount, but not more than BGL30 per month.

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