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Report: Citi to partner with insurance company in $500M Asia-Pacific deal

Citigroup Inc. is seeking a partnership with a global insurer to sell insurance products across the bank's Asia-Pacific markets, Reuters reported March 28, citing a "source with knowledge of the matter."

The proposed 15-year deal is worth at least $500 million, according to the news outlet.

Under the deal, an insurer may sell motor, property and travel insurance to 15 million Citigroup clients in 12 different markets in the Asia-Pacific region, including Singapore, Hong Kong, China, India and Australia, Reuters reported.

The bank expects to choose a partner in a few months out of a pool of insurers, including AIG and Allianz. In 2013, the bank inked a multiyear deal with insurer AIA to sell life insurance to its Asia markets.

Citigroup has an initial preference for one partner for the entire Asia-Pacific region, Reuters reported, but it may also consider more than one.