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StanChart, Allianz sign 15-year bancassurance deal in Asia

Standard Chartered Plc entered into a 15-year agreement with Allianz SE to distribute the insurer's products in five Asian markets.

Under the bancassurance agreement, StanChart will distribute Allianz's general insurance products, including travel, personal accident, fire and motor insurance products, in Hong Kong, Singapore, Malaysia, Indonesia and China.

The new partnership arrangements will be implemented throughout 2017, the bank said.

The German insurer had vied with Japan's Mitsui Sumitomo Insurance Co. Ltd. and France's AXA to sign the deal.

The value of deal was not announced. Previously, Reuters reported in September 2016 that the bancassurance partnership could be worth about US$300 million.