SINGAPORE/HONG KONG Sept 30 AXA and
Allianz SE have advanced to the second stage of
bidding for a Standard Chartered distribution deal that
would enable sale of general insurance products through the
bank's Asian branches, people familiar with the matter said.
Standard Chartered's existing partner, Japan's MS&AD
, and another Japanese insurer had also made an initial
bid, sources said. It was not immediately clear if MS&AD had
qualified for the second round.
The deal could be worth around $300 million, calculated on
the basis of an upfront payment to access the branch network and
the net present value of future commissions and deferred
payments, said the people, who declined to be identified because
the details of the deal are not public.
Standard Chartered will evaluate offers after the second
round to decide on a preferred bidder for the so-called
bancassurance deal in a hotly contested race, they said.
Representatives of Standard Chartered, Allianz AXA and MS&AD
(Reporting by Saeed Azhar in SINGAPORE, Denny Thomas in HONG
KONG; Additional reporting by Taiga Uranaka in TOKYO; Editing by