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.