DBS said to be tapping Goldman Sachs to help find insurance partner in India, Taiwan
Sign up now: Get ST's newsletters delivered to your inbox
DBS has had a presence in India for three decades, and entered Taiwan even earlier, in 1983.
ST PHOTO: JASON QUAH
Follow topic:
Hong Kong - DBS Group Holdings is considering forming insurance partnerships in India and Taiwan to expand its services in the region, according to people familiar with the matter.
Singapore’s largest bank is working with Goldman Sachs as an adviser on potential bancassurance agreements for those markets, the people said, asking not to be identified because the deliberations are private.
In bancassurance, an insurer typically pays upfront for exclusive rights to sell its products in bank branches. This DBS transaction could be worth a few hundred million dollars and may include products in Singapore, the people said.
Considerations are preliminary and DBS could decide not to pursue a deal, they added.
Representatives for DBS and Goldman declined to comment.
DBS already has a bancassurance partnership with Toronto-based Manulife Financial for markets including China, Hong Kong, Indonesia and Singapore.
DBS has had a presence in India for three decades, having opened its first office in Mumbai in 1994. In 2020, DBS Bank India merged with Lakshmi Vilas Bank, and it now has about 500 branches in 19 states, according to a recent press release. It entered Taiwan even earlier, in 1983, and has more than 70 branches across the island, expanding organically and via acquisitions.
In August, DBS said that Ms Tan Su Shan will take over from chief executive Piyush Gupta in March 2025,
