Citigroup to seek bids for non-life insurance partnership in Asia-Pac: source

Singapore

CITIGROUP Inc will seek bids from global insurers keen to sell general insurance products across the US bank's Asia-Pacific markets, in a deal that could be worth at least US$500 million, a source with knowledge of the matter said.

Citi's move underscores how banks are leveraging their network of branches and customer base to generate assured revenue over many years, as demand for insurance grows in the region, the source said.