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Bank Groups Plan To Merge

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Reflecting the same pressures that caused financial services to converge in recent years, two leading bank associations devoted to insurance and investment marketing announced plans to merge.

The boards of directors of the Financial Institutions Insurance Association in Valley Center, Calif., and the Bank Securities Association in Wayne, Pa., announced the merger of their groups at a BSA conference in Chicago.

The new organization, to be known as the Bank Insurance & Securities Association, will be based in Wayne because it is close to Washington and many of the larger financial service firms, says Richard D. Starr, director of strategic insurance initiatives for ANB AMRO Financial Services in Chicago, who is chairman of the FIIA.

BSA has about 210 members and FIIA about 240, association executives note, with only a few of those firms holding overlapping memberships.

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Reproduced from National Underwriter Life & Health/Financial Services Edition, September 23, 2002. Copyright 2002 by The National Underwriter Company in the serial publication. All rights reserved.Copyright in this article as an independent work may be held by the author.


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