DBS to seek bids for general insurance distribution deal

Singapore

DBS GROUP plans to invite bids from insurers keen to sell general insurance products across the key markets of Southeast Asia's biggest lender, in a deal potentially worth up to US$350 million, sources familiar with the matter said.

The move underscores the under-penetrated region's growing attraction to insurers who see a big opportunity to boost business as rising incomes generate demand for property, motor and travel insurance products.

In the last few years, banks such as Standard Chartered and CIMB Group have formed partnerships with insurers as the latter were willing to pay hefty fees for access t…