German bank to obtain 20 percent venture in local insurance company
ISLAMABAD: The TPL Insurance, Pakistan’s direct insurance company, has announced that DEG (Deutsche Invesitions-und Entwicklingsgesellschaft mbH), a unit of German state development bank KFW, has expressed interest in acquiring 20 percent stake in the company.
DEG is wholly owned subsidiary of KFW group based in Cologne, Germany.
For 55 years DEG, has been reliable partner to private, sector companies operating in development and emerging countries, with 21 locations worldwide, said a press release issued by Board of Investment (BOI).
According to a release, the TPL insurance is a pioneer in offering holistic insurance services to its customers in Pakistan through its state-of-the-art insurtech infrastructure.
The company has achieved, new industry bench marks, processing claims within in 60 seconds, while remaining customer friendly.
The government of Pakistan is also focusing on attracting Foreign Direct Investment (FDI) and transfer of technology in Special Economic Zones (SEZs). - APP