, Hong Kong
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Hang Seng Bank seeks new insurance partner—report

The bancassurance partnership could value more than $100m.

Hong Kong-based lender Hang Seng Bank is looking for a new insurance partner after its existing agreement with QBE Insurance Group Ltd., has expired, according to a report by Bloomberg.

People knowledgeable about the matter told Bloomberg that Hang Seng is currently working with a financial adviser as it explores a new bancassurance partnership agreement that could value more than $100m. 

ALSO READ: China Life delists from US stock exchange

The report said that insurance firms seeking to expand in Hong Kong have expressed preliminary interest. QBE is also throwing its hat in the ring as with a new partnership proposal.

Hang Seng previously sold its general insurance business to QBE in 2012 and has signed an exclusive 10-year distribution agreement with the Australian insurer which ended this year.
 

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