CIMB, Sompo ink S'pore deal to distribute general insurance products
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IN A multi-million dollar deal, CIMB Bank Singapore will distribute Sompo Insurance Singapore's general insurance products, such as motor and travel policies, in Singapore.
Mak Lye Mun, chief executive of CIMB Bank Singapore, told The Business Times that the partnership is expected to generate RM30-40 million (S$9.9-13.3 million) in revenue for the lender in the first five years. He said the partnership is synergistic as bancassurance distribution continues to be a key driver for the lender here.
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