April 4, 2011
Citibank's Zero Fee Bank Account holding customers are now receiving a free accidental life insurance, an outstanding insurance in terms of the maximum size of coverage offered automatically to customers linked to any free bank accounts in the Hungarian market. All existing Citibank Zero Fee Bank Account holding customers as well as all new customers are automatically covered for the amount equal to their previous month's total relationship balance with Citibank, but minimum HUF150,000 and up to HUF5 million in case of accidental death according to the contractual terms and conditions. Citibank's partner in offering this insurance is Aegon Hungary Insurance Company.
Batara Sianturi, Citi Country Officer for Hungary said, "Ingenuity is one of Citi's recently announced four key principles that will drive our business strategy around the world and in Hungary going forward. We continue to live up to our promise we made to our customers in Hungary to enhance their lives through innovation that harnesses the breadth and depth of our global network and world-class products. Our Zero Fee Bank Account was for the third consecutive year voted #1 in the 2010 MasterCard - Bank of the Year competition and we believe this new outstanding feature will help us maintain our leading position in this space to the benefit of our customers."
Jon Wiggins, Consumer Business Manager for Hungary added, "Citibank Hungary's customers had the first opportunity in 2008 to have access to a bank account that offers unlimited free local currency domestic transactions through all channels and a free debit card with four free supplementary cards. As a result of our endeavor to provide our customers with new services to enhance the experience and benefits of these accounts we first introduced a linked savings account with high demand-type interest rate and a cash back on the debit cards in 2009, and now we are debuting with a new accidental life insurance that is automatic and free for all our account holding customers. In the last three years this proved to be a very popular product showing a 59% increase in the number of new account openings in 2010 and we are making all efforts to continue to attract a growing number of customers."
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