BBVA Compass Announces Strategic Alliance With Western National to Launch Branded Annuity

Published on Thursday, 02 September 2010 16:51 Written by TradersHuddle Staff

BBVA Compass Asset Builder Annuity cobranded with annuity market leader

BIRMINGHAM, Ala., Sept. 2 /PRNewswire/ -- BBVA Compass today announced the launch of the BBVA Compass Asset Builder Annuity, a flexible-premium, tax-deferred fixed annuity offered exclusively through BBVA Compass Insurance Agency, Inc. The Asset Builder Annuity is issued and guaranteed by fixed annuity leader Western National Life Insurance Company(1). For the first time, BBVA Compass has both cobranded an annuity product and also been engaged to manage a portion of the assets for the underwriting insurance company.

"Customers approaching retirement are seeking smart options for their money," said Shelaghmichael Brown, senior executive vice president and head of Retail Banking. "The BBVA Compass Asset Builder Annuity may address that need for many customers, while also allowing us to build our brand. In addition, Western National has engaged BBVA Compass Wealth Management to manage a portion of Western National's assets tied to this product. As a result, BBVA Compass and Western National are closely allied in this effort to offer BBVA Compass clients access to a quality financial alternative, and we have great motivation in ensuring the product's success."

The BBVA Compass Asset Builder Annuity has been cobranded with Western National Life Insurance Company. Western National is a pioneer in developing fixed annuity products specifically for sale through banks, and is the number one provider of fixed annuities through banks.

"Our strategic alliance with Western National for this product is an important venture," said Bill Helms, senior executive vice president and head of Wealth Management. "Western National was one of the first insurance companies to develop fixed annuity products specifically for sale through banks, and has been the nation's number one provider of tax-deferred fixed annuities in this market for 14 consecutive years(2). We also share a common commitment to focus on the client by delivering innovative products that can be customized to help the client meet their financial goals."

To learn more about the BBVA Compass Asset Builder Annuity and the bank's additional proprietary investment offerings, customers may stop by a local branch, call 1-800-COMPASS or visit www.bbvacompass.com.

ABOUT BBVA COMPASS

BBVA Compass is a Sunbelt-based financial institution that operates 723 branches including 387 in Texas, 92 in Alabama, 65 in California, 77 in Arizona, 45 in Florida, 36 in Colorado and 21 in New Mexico. BBVA Compass is the 15th largest U.S. commercial bank based on deposit market share and ranks among the largest banks in Texas (4th), Alabama (3rd) and Arizona (5th). For the second consecutive year, BBVA Compass was named as a "Lender of the Year" by the Small Business Administration (SBA). Additional information concerning BBVA Compass can be found on our website www.bbvacompass.com.

BBVA Compass is a subsidiary of Compass Bancshares, Inc., a wholly owned subsidiary of BBVA (NYSE: BBVA) (MAD: BBVA). BBVA is a financial services group with approximately $755 billion in total assets, 48 million clients, 7,400 branches and approximately 104,000 employees in more than 30 countries. BBVA ranks among the top seven largest financial institutions in the world based on market capitalization and 21st in Global Finance magazine's list of the "World's 50 Safest Banks" for 2010. BBVA provides its customers around the world with a full range of financial services, including commercial and wholesale banking, retail banking services, consumer loans, mortgages, credit cards, securities brokerage, wealth management, pension plan management and insurance. The BBVA Group maintains a leadership position in Spain, Mexico, Latin America and the Sunbelt Region of the United States as well as operations in China, France, Germany, Hong Kong, Italy, Japan, Singapore, Switzerland, and the United Kingdom.

Editor's Note:

BBVA Compass is a trade name of Compass Bank. Compass Bank, member FDIC. Annuity products available through BBVA Compass Insurance Agency, Inc. are not bank deposits, are not insured by the FDIC or any other federal government agency, have no bank guarantee and may lose value.

(1). All guarantees are subject to the claims-paying ability of the insurer.

(2). Source: Kehrer-LIMRA fourth quarter reports for years 1996 through 2009.

SOURCE BBVA Compass