DBS in talks with Manulife over $1b bancassurance deal

DBS will distribute insurance products in Asia.

According to a report by Reuters, Canadian insurer Manulife Financial Corp is close to an about $1 billion deal to sell products through Singapore lender DBS Group Holdings Ltd's branch network across Asia, a person with direct knowledge of the matter said.

Manulife would pay cash to the Singaporean bank over the life of the 15-year contract, the person said, declining to be named as the details of the transaction were not yet public.

DBS spokeswoman declined to comment and Manulife was not immediately available to comment.

Read the report in full here.

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