[SINGAPORE] 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 US$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.