AIA, Prudential bidding for DBS's US$1.5b distribution deal: sources

[HONG KONG] AIA Group Ltd, Prudential plc and Manulife Financial Corp have been shortlisted to become the insurance partner of Singapore's DBS in a bank distribution deal worth around US$1.5 billion, people familiar with the matter said.

DBS's bancassurance deal is the last major agreement of this kind available for insurance companies keen to tap into Asia's fast growing insurance market, industry executives said.

Current DBS partner Aviva plc has also been shortlisted for a 15-year agreement starting next year, the people told Reuters.

DBS and all of the insurers declined to comment.

REUTERS