Malaysia-based CIMB Group Holdings is reportedly planning to select new insurer to provide its general insurance products in four markets of Southeast Asia.
The firm has invited bids from insurers to sign a deal to distribute the insurance products in Malaysia, Indonesia, Thailand and Singapore, reported Reuters.
According to the people familiar with the matter, the deal is expected to be worth around $400m.
CIMB has selected JPMorgan to suggest it on the deal, which is expected to draw interest from firms such as Australia’s QBE Insurance Group, Tokyo Marine Holdings, France’s Axa and Italy’s Generali.
CIMB, along with other firms, has declined to comment on the deal, reported the news agency.
Germany-based Allianz’s 10-year bancassurance agreement to provide general insurance products through CIMB’s branches in Malaysia will complete in 2017. Allianz intends to renew the partnership with CIMB.
Claimed to be one of the leading ASEAN universal banks, CIMB Group has around 1,000 branches in Malaysia, Indonesia, Thailand and Singapore.
Image: CIMB Group has invited bids from insurers to sign an agreement to distribute its general insurance products in Southeast Asia. Photo: courtesy of Stuart Miles/ FreeDigitalPhotos.net.