DBS Group Holdings is in early discussions to expand its insurance offerings in India and Taiwan through new bancassurance partnerships, according to people with knowledge of the matter.
The Singapore-based lender has turned to Goldman Sachs for advisory support in seeking potential insurance partners in these regions, sources told Bloomberg.
These deals, common in the banking sector, typically allow an insurer to gain exclusive distribution rights to sell products through a bank’s branch network, often in exchange for an upfront payment.
While there is no certainty that DBS will finalise any agreement, the transaction could be valued at several hundred million dollars and may also include products available in Singapore.
DBS already has a bancassurance partnership with Manulife Financial that spans markets including China, Hong Kong, Indonesia, and Singapore.
The bank has operated in India since 1994, recently expanding through its merger with Lakshmi Vilas Bank, while its presence in Taiwan dates back to 1983.
The potential partnerships come as DBS prepares for a leadership transition, with Tan Su Shan set to become the bank’s first female CEO in March, following the retirement of Piyush Gupta.
Both DBS and Goldman Sachs have declined to comment on the ongoing discussions.
