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[SINGAPORE] Canada's Manulife Financial Corp is nearing a deal worth more than US$1 billion to sell insurance through the Asian network of Singaporean lender DBS Group Holdings Ltd, the Wall Street Journal reported, citing an unidentified person.
The multiyear agreement, likely to be signed tonight, will see Manulife make payments to DBS over the life of the contract, the newspaper reported.
As insurers try to expand quickly in Asia, banks are benefiting from selling exclusive access to their networks, the newspaper said.
At DBS in Singapore, spokeswoman Edna Koh declined to comment. Calls and emails to Manulife spokespeople in the city weren't immediately answered.