AIA has struck a distribution deal with Industrial and Commercial Bank of China, the country’s biggest lender by market value, as the Asian arm of AIG moves to consolidate its position as the leading foreign life assurer in China.
The bancassurance agreement, which was signed this week and could be announced as soon as today, comes as AIA is pressing on swiftly with plans to float on the Hong Kong stock exchange by the end of November.
“This is a major agreement with one of the world’s biggest banks,” said one person familiar with the deal. “It will expand and build upon AIA’s relationship with ICBC.”
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