BLC Bank/Libano-Suisse alliance

BLC Bank and Libano-Suisse Insurance have presented the first fruits of a new product partnership that enhances the choices of consumer loan customers in Lebanon. Along with a line of bancassurance products, the two companies on July 18 introduced a jointly developed unemployment credit insurance that protects buyers of BLC consumer loans against inability to meet payment obligations because of loss of employment. The new insurance product is provided without extra charge to new loan applicants who satisfy requirements related to their age and duration of employment. As customers do not have to pay a premium for the credit insurance on top of the 7.75 and 9.25 percent flat interest rates which BLC currently charges for new consumer loans, the unemployment credit insurance is an alternative to life insurance policies which many banks have been requiring loan customers to purchase at additional expense to their loan costs. According to BLC