DBS Group is reportedly contemplating forming insurance partnerships in India and Taiwan to expand its services.
The Singaporean lender is said to have engaged Goldman Sachs as an adviser on possible bancassurance deals for the Indian and Taiwanese markets, according to people familiar with the matter who wish to remain anonymous, as reported by Bloomberg,
The said deal may reportedly be worth several hundred million dollars and may include Singapore products.
As of the time of writing, the considerations are reported to be preliminary, and it is possible that the Singapore-based lender will not pursue a deal.
DBS already has a presence both in India and Taiwan. In India, it entered in 1994 with its first office in Mumbai. In Taiwan, it entered back in 1983 and has over 70 branches.
DBS also has an existing bancassurance partnerships with Toronto-headquartered Manulife for markets including China, Hong Kong, Indonesia and Singapore.
