Citi to auction rights to sell life insurance in its branches

The US bank will allow products to be sold across its branch network to Asia’s emerging affluent, and may divide the rights between several insurers, according to a person familiar with the matter.
Citi is taking advantage of a surge of interest from global insurers in selling their products to Asia’s fast-growing middle class.
Citi is taking advantage of a surge of interest from global insurers in selling their products to Asia’s fast-growing middle class.

Citibank is auctioning the rights to sell life insurance products across its branch network to Asia’s emerging affluent, according to a person familiar with the matter.

The US bank may divide the rights between several insurers, the person said.

Citi is taking advantage of a surge of interest from global insurers in selling their products to Asia’s fast-growing middle class.

North American, European and Japanese insurers are beset by low growth at home and rising regulation costs.  They have been buying other insurers in Asia and teaming up with local banks to sell their products in an effort to boost profits.

...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222