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Report: AXA, Allianz reach 2nd round of bidding for StanChart bancassurance deal

AXA and Allianz SE moved to the second round of bidding for abancassurance dealwith Standard CharteredPlc that would grant exclusive access to the U.K.-based bankinggroup's branches in Asia, Reuters reported Sept. 30, citing "peoplefamiliar with the matter."

It was unclear if other suitors that had placed an initialbid, including Japan's MS&ADInsurance Group Holdings Inc. and another Japanese insurer,qualified for the second round, the sources said. The 15-year bancassurancedeal could be worth around US$300 million, they added.

StanChart will decide on a preferred bidder after the secondround. The banking group may not choose the bidder with the highestprice as it is seeking a partner that will help it build up a retail business,a source said.

Representatives from StanChart, Allianz, AXA and MS&ADInsurance declined to comment on the matter.