DBS Group Holdings is in early-stage talks to expand its insurance offerings in India and Taiwan through new bancassurance partnerships, according to people familiar with the matter.
The Singapore-based lender has tapped Goldman Sachs for advisory help in scouting potential insurance partners in those regions, the people said. Bloomberg.
These deals, common in the banking industry, allow insurers to obtain exclusive distribution rights to sell their products through a bank’s branch network, often in exchange for an upfront payment.
There is no certainty, but DBS If any agreement is reached, the deal could be worth hundreds of millions of dollars and may include products available in Singapore.
DBS already has a bancassurance partnership with Manulife Financial across markets including China, Hong Kong, Indonesia and Singapore.
The bank has been operating in India since 1994, recently expanding through a merger with Lakshmi Vilas Bank, while its operations in Taiwan date back to 1983.
The potential partnership comes as DBS prepares for a leadership transition, with Tan Siu Shan due to take over as the bank’s first female CEO in March following the retirement of Piyush Gupta.
Both DBS and Goldman Sachs declined to comment on ongoing discussions.
