As per the analysis by IMARC Group, the top bancassurance companies or banks are focusing on the adoption of advanced technologies to strengthen their information technology base, which enables them to offer superior customer services demanded by an increasingly sophisticated client base. They are also revising their policies and providing better customer service in order to sustain the increasing market competition. The global bancassurance market reached nearly US$ 1.2 Billion in 2019. The market is further expected to exhibit moderate growth during 2020-2025.
ABN AMRO Bank N.V.
ABN AMRO offers its retail, private banking and corporate banking clients a full range of financial services. By combining banking expertise with up-to-date knowledge of its clients’ industries, the economy and the latest digital trends, ABN AMBRO crafts creative solutions that suit business needs. It is continually investing in improving the quality of its products and services and adapting them to a changing world.
Australia and New Zealand Banking Group Limited
ANZ began in London when The Bank of Australasia was established under the Royal charter. It is among the top 4 banks in Australia, the largest banking group in New Zealand and Pacific, and among the top 50 banks in the world. ANZ operates in 33 markets globally with representation in Australia, New Zealand, Asia, Pacific, Europe, America and the Middle East.
Banco Bradesco SA
Banco Bradesco, which holds more than R$1 trillion ($350 billion) in assets and has more than 75 million clients. As Brazil's second-largest private sector bank, Banco Bradesco offers retail banking services through more than 8,100 branches and service offices. It also provides private, middle-market, and corporate banking, savings plans, leasing, auto financing, and credit cards. Its brokerage subsidiary Bradesco Securities operates in the US and the UK, while Banco Bradesco Europe provides asset management, private banking, and trade finance services across the European Union.
The American Express Company
Headquarter: New York, United States
The American Express Company began as a freight forwarding company, earning a reputation as a company people could trust while transporting some of their most valuable possessions. In the late 19th century and early 20th century, it introduced new financial products and travel services that helped support customers’ everyday lives. In the 1950s, the company introduced a charge card, offering customers a new and convenient way to pay. Ever since, it has innovated card products, services and various other offerings.
Banco Santander, S.A.
Banco Santander is a retail bank that operates in 10 main markets, which obtained an attributable profit of EUR 6,515 million in 2019. The bank has around 196,419 employees serving a client base of around 145 million in Europe and the Americas.
BNP Paribas S.A.
BNP Paribas is a leading bank in the eurozone and a prominent international banking institution. The BNP Paribas Group was formed by banks that have been deeply embedded in the European and global economies over the last 200 years. They offer secure, sound and innovative financial solutions to individuals, professional clients, corporations and institutional investors while striving to address the fundamental challenges of today with regard to the environment, local development and social inclusion.
The ING Group
ING is a global bank with a strong European base. It has around 53,000 employees and serves around 38.4 million customers, corporate clients and financial institutions in over 40 countries. ING’s products include savings, payments, investments, loans and mortgages in most of their retail markets. For its Wholesale Banking clients, the bank provides specialized lending, tailored corporate finance, debt and equity market solutions, payments and cash management and trade and treasury services.
Wells Fargo & Company
Headquarter: San Francisco, California
Wells Fargo & Company owns the Wells Fargo Bank, one of the largest banks in the US, with over 8,500 bank branches in all 50 states and countries around the world. The bank holding company also runs Wells Fargo Home Mortgage and community banking represents Wells Fargo's largest segment. Its wholesale banking arm handles corporate banking across the US and around the world; activities include investment banking and capital markets, securities investment, commercial real estate, and capital finance. Its wealth, brokerage, and retirement segment provide financial advisory services.
Headquarter: London, United Kingdom
Barclays owns one of Europe's largest banks, a top market-making investment bank, the top UK credit card, and an international wealth management firm. Its flagship Barclays Bank UK has some 1,200 branches in the UK, reaching 24 million customers and one million business clients. Barclays International has retail operations throughout Europe, the Middle East, and the Americas, as well as extensive investment banking and wealth management activities. Barclays has more than 18 million credit card customers and provides consumer lending and payment processing services.
Intesa Sanpaolo S.p.A.
Headquarter: Turin, Italy
Intesa Sanpaolo vies with UniCredit for banking supremacy in Italy. Its Banca dei Territori subsidiary serves 12.3 million customers from 4,700 branches throughout Italy with retail banking for consumers and small businesses. Intesa Sanpaolo operates an additional 1,150 locations in Central Eastern Europe and North Africa. The bank also provides investment banking, corporate finance, public and infrastructure finance, factoring, and trade financing services. Through Fideuram Vita and other subsidiaries, Intesa Sanpaolo offers life, property, and casualty insurance. Asset management is handled by Eurizon Capital, while Banca Fideuram arm provides financial planning services.
Lloyds Banking Group plc
Headquarter: London, United Kingdom
Lloyds is the UK’s fourth-largest bank by asset size. The group operates via a multibrand, multichannel strategy offering services through Lloyds Bank, Bank of Scotland, Halifax, and Scottish Widows. It has over 2,000 branches throughout the UK and around 75,000 employees. After heavy restructuring in the aftermath of the financial crisis, Lloyds became a UK-focused retail and corporate bank. Following its MNBA acquisition in 2017, its market share in credit cards increased to 26% from 15% previously.
Headquarter: New York, United States
One of the largest financial services firms, Citigroup (also known as Citi) has around $1.3 trillion in assets and $640 billion in deposits, with 200 million customer accounts and serves clients around the globe. It offers deposits and loans (mainly through Citibank), investment banking, brokerage, wealth management, and other financial services. In addition to Citibank, it owns stakes in several international regional banks and has more than 140 million Citi-branded credit cards in circulation worldwide.
Crédit Agricole Group
Banking behemoth Crédit Agricole SA, sprouted from France’s fertile fields, has around 52 million customers worldwide and boasts assets worth €1.6 trillion. The company, which started as an agricultural credit company, is majority-owned by around 40 French regional consumer banks. Crédit Agricole SA handles the group’s more advanced banking functions, such as asset management, investment banking, capital market services, insurance, leasing, private banking, and more. It also operates Le Crédit Lyonnais (LCL), one of the biggest retail banks in France, and its international arm oversees activities in Italy, Poland, Egypt, and elsewhere.
HSBC Holdings plc
Headquarter: London, the United Kingdom
HSBC was founded by the Scot Sir Thomas Sutherland in Hong Kong, then a British colony, in 1865 before it was incorporated in the UK in 1991. The international bank is one of the world's largest banking groups and the largest in Europe by assets under management (at around $2.5 trillion). Alongside its home markets of Hong Kong and the UK, HSBC has subsidiaries throughout Europe, the wider Asia/Pacific region, the Middle East, Africa, and the Americas. The company serves 38 million customers across some 3,900 locations in more than 65 countries. Its activities include consumer and commercial banking, credit cards, private banking, investment banking, and leasing.
NongHyup Financial Group
Headquarter: Seoul, South Korea
NongHyup Financial Group Inc. is a subsidiary of the National Agricultural Cooperative Federation. It provides financial products and services, including financing, mortgages, personal lines of credit, corporate finance, real estate finance, and new technology finance. The company also provides life, property, and casualty insurance products. In addition, it accepts various deposits products, such as time and periodical deposits; and offers loan products, as well as engages in agricultural cooperative banking, investment and securities, and asset management businesses.
Société Générale S.A.
Société Générale is popularly known as SocGen and has more than 3,000 branches in France and nearly 4,000 additional locations in nearly 70 other countries. The bank’s operations are divided into three parts: domestic retail banking (including regional bank Crédit du Nord and majority-owned online bank and brokerage Boursorama); international retail banking and financial services (IBFS); and corporate and investment banking. The group also offers private banking services for wealthy individuals, as well as asset management and securities services expertise, specialized and consumer financing, and insurance products.
Nordea is a leading financial services group in the Nordic region and one of the biggest banks in Europe. Through its four business areas, the bank offers expertise across a full range of products and services. It splits its operations into three main divisions: retail banking, wholesale banking and wealth management. The bank also provides life and pension products. Moreover, Nordea Bank now boasts a network of about 700 branches and serves some 11 million customers, including about 1 million corporate clients -- a key customer segment for Nordea.
About IMARC Group: IMARC Group is a leading market research and consulting company that offers management strategy and market research worldwide. The company has done multiple projects on the bancassurance industry, which has enabled clients to set up and expand their businesses successfully. Some of the company’s offerings include:
- Market Research
- Plant setup
- Plant Expansion
- Marketing and sales
- Procurement and Distribution
- Innovation and Product Development
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