September 30, 2016 / 5:51 AM / a year ago

AXA, Allianz vie for StanChart general insurance distribution deal - sources

SINGAPORE/HONG KONG Sept 30 (Reuters) - 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 declined comment. (Reporting by Saeed Azhar in SINGAPORE, Denny Thomas in HONG KONG; Additional reporting by Taiga Uranaka in TOKYO; Editing by Clarence Fernandez)

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