One of the UK’s major banks, Standard Chartered, is reportedly on the lookout for an insurance partner.
According to a report by BusinessTimes
, the bank is looking for bids from insurers that could potentially distribute its products across bank branches in Asia. The publication states that the bank is working closely with JP Morgan Chase & Co in an effort to secure a bancassurance deal – and that partners would pay at least US$400 million to access the regional network.
Standard Chartered currently has 100s of branches throughout Asia – part of a network of 1,200 branches globally across 71 different countries.
The rumoured plans reflect those of CIMB Group, the Asian Bank, which recently signed a strategic partnership with Sompo Japan to see the group step-up its bancassurance offering.
MetLife poaches Standard Chartered senior exec for Asia role