CIMB seeks bids for S-E Asia bancassurance deals

Kuala Lumpur

MALAYSIAN lender CIMB Group Holdings has invited bids from insurers for an agreement to distribute their general insurance products in four South-east Asian markets, a deal that could fetch it about US$400 million, people with direct knowledge of the matter said.

Malaysia's No 2 bank has hired JPMorgan to advise it on the deal, which is expected to draw interest from companies including Australia's QBE Insurance Group, Tokyo Marine Holdings Inc, France's AXA and Italy's Generali among others, the sources said.