Citi inks partnership with AIA
Citi inks partnership with AIA
Citibank and AIA Group Limited have announced a partnership to offer life insurance products in the Asia Pacific region through the bank’s distribution channels.
Subject to local regulatory requirements and certain existing obligations, the agreement released on December 19 gives AIA the rights to distribute, on an exclusive basis in select markets, life insurance products to Citibank customers.
Markets include Australia, China, Hong Kong, India, Indonesia, Korea, Malaysia, the Philippines, Singapore, Thailand and Vietnam.
No financial details of the deal were disclosed, but the partnership is expected to commence in January 2014 and has a duration of 15 years. The partnership includes all retail distribution channels, including branches, telemarketing, and online channels and is subject to Citibank licenses and local regulations.
Citibank has over 34 million retail accounts in Asia Pacific, managing over $218 billion in client assets and a deposit base of $250 billion across its retail and institutional businesses.
AIA is a leading insurance provider in the Asia Pacific region, operating in 17 markets and serving more than 27 million individual policy holders and over 16 million participating members of group insurance plans. The company is headquartered in Hong Kong where the new bancassurance partnership was signed.
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