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.