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CIMB invites bids for insurance distribution deal - sources

Fri 4th September, 2015 10:54am
SINGAPORE/KUALA LUMPUR, Sept 4 (Reuters) - Malaysian lender 
CIMB Group Holdings  CIMB.KL  has invited bids from insurers for 
a distribution agreement to sell their general insurance 
products in four Southeast Asian markets, a deal that could 
fetch it about $400 million, people with direct knowledge of the 
matter said. 
    Malaysia's No. 2 bank has hired JPMorgan  JPM.N  to advise 
it on the deal, which is expected to draw interest from 
companies including Australia's QBE Insurance Group  QBE.AX , 
Tokyo Marine Holdings Inc  8766.T , France's AXA  AXAF.PA  and 
Italy's Generali  GASI.MI  among others, the people said. 
    German insurer Allianz's  ALVG.DE  10-year bancassurance 
agreement to distribute general insurance products through 
CIMB's branches ends in 2017. The insurer is expected to bid to 
renew the partnership, people familiar with the process said. 
    CIMB has about 1,000 branches servicing about 13 million 
customers in Malaysia, Indonesia, Thailand and Singapore, with 
its home market and Indonesia making up the majority. 
    CIMB was not immediately available to comment. JPMorgan, 
Allianz, Generali, AXA, Tokio Marine and QBE declined to 
 (Reporting by Anshuman Daga in SINGAPORE, Yantoultra Ngui in 
KUALA LUMPUR,; Swati Pandey in SYDNEY, Taiga Urana in TOKYO, 
Jonathan Gould in FRANKFURT, Leigh Thomas in PARIS Gianluca 
Semeraro in MILAN and Paul Arnold in ZURICH; Editing by Denny 
Thomas and Muralikumar Anantharaman) 
 ((anshuman.daga@thomsonreuters.com; +65 6403 5676; Reuters 
Messaging: anshuman.daga.thomsonreuters.com@reuters.net)) 
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