Allianz, AXA said to bid for StanChart Asia insurance rights

Singapore

ALLIANZ SE, Europe's biggest insurer, and France's AXA SA were among first-round bidders for the rights to distribute general insurance products through Standard Chartered Plc outlets in Asia, according to people with knowledge of the matter.

A unit of MS&AD Insurance Group Holdings Inc, the US$18 billion Japanese group, also submitted an offer for exclusive access to the UK lender's regional banking network, the people said. Standard Chartered is seeking about US$400 million in a deal it aims to complete by year-end, according to the people, who asked not to be identified as the process is private. The so-called bancassurance agreement would grant distribution rights for 15 years, they said.