Citigroup Inc will seek bids from global insurers keen to sell general insurance products across the bank’s Asia-Pacific markets, underscoring moves by banks to monetize their network of branches and customer base as demand for insurance grows in the region, a person with knowledge of the matter told Reuters.
The multi-year, bancassurance deal for products such as motor, property and travel insurance, will be one of the largest of its kind in the region, and give insurers access to 15 million customers of Citibank in 12 markets including Singapore, Hong Kong, China, India and Australia.
