Citibank Indonesia and insurance company AIA Indonesia have entered into a new long-term bancassurance partnership to meet the needs of the country’s increasingly affluent population. The strategic alliance is part of the agreement signed by the two entities’ Asia Pacific regional offices earlier. Citibank Indonesia’s insurance business head Armand Furhad said the bank would offer AIA’s products for wealth protection, accumulation and distribution to existing bank customers, especially those in the affluent and emerging-affluent segment. He said the bank will launch bancassurance products for these customers on 20 October and next year, it will continue with a product offering for the credit card customers. He said insurance penetration was currently less than 20% of total customers registered with Citigold, Citibank Indonesia’s priority banking division.