RMB on the lookout for new bancassurance partner: report

Deal could be worth over RM1b, sources said.

Malaysia’s RMB is reportedly on the lookout for a new bancassurance partner, as its deal with Japan’s Tokio Marine Holdings is set to expire in 2024, reports Bloomberg, citing anonymous source.

The deal could be worth more than RMB1b, the sources said.

Deliberations are ongoing and RHB could still sign a new pact with Tokio Marine ahead of the expiry, the people said.

ALSO READ: RHB Singapore raises deposit interest rates to up to 5.5%

Tokio Marine Life Insurance Malaysia’s parent had reportedly been looking to sell its life insurance business in Southeast Asia, in a deal that could be valued at $1b (RM4.6b). The bidding has attracted the likes of Dai-ichi Life Holdings and Nippon Life Insurance, Bloomberg said in a separate report.

A Tokio Marine spokesman said nothing has been decided at the moment, while an RHB Bank representative said the company will make an announcement in due course. Both declined to comment further.

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