AXA, Allianz after StanChart GI distribution bid

France’s AXA and Germany’s Allianz SE have advanced to the second stage of bidding for a Standard Chartered deal that would enable the sale of general insurance products through the bank’s Asian branches, people familiar with the matter said.

It was not immediately clear if other suitors who had made initial bids were through to the second round. These include Standard Chartered’s existing partner, a unit of Japan’s MS&AD, and another Japanese insurer, the people said.

The 15-year deal could be worth around USD300 million, calculated on the basis of an upfront payment to access the branch network and the net present value of future commissions and deferred payments, said the people, who declined to be identified because the details of the deal were not public.

Standard Chartered will decide on a preferred bidder for the so-called bancassurance deal after the second round, they said. Representatives for Standard Chartered, Allianz, AXA and MS&AD declined comment.