According to people familiar with the matter, Hang Seng Bank is looking for an insurance partner.
The people asked not to be identified because the matter is private, said Hang Seng Bank is working with a financial adviser as it explores a bancassurance partnership which could be worth more than $100 million. An insurer will usually pay an upfront amount to sell its products in the bank's branches.
People with knowledge of the situation said that insurance firms are interested in expanding in Hong Kong. A new partnership deal could be proposed by QBE.
The people said that no decisions have been made. A representative for the bank wouldn't say anything.
QBE bought Hang Seng Bank's general insurance unit. The agreement with the Australian insurer was exclusive.
According to its website, Hang Seng Bank provides banking, investment and wealth management services. More than 3.5 million customers are counted. The bank has a presence in almost 20 major cities in mainland China, as well as in Macau, Singapore and Taiwan. HSBC has a majority stake in Hang Seng Bank.
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