- Citigroup (C) has chosen Hong Kong's AIA Group (AAIGF) to sell life insurance through the U.S. bank's network of 600 branches in 11 Asia-Pacific countries in an exclusive 15-year deal.
- While financial terms of the agreement weren't provided, Bloomberg reports a source as saying that it could generate up to $20B in revenue, including commissions and upfront fees.
- "For Citigroup, it's revenues without expense - basically they’re getting a new product," says analyst Jim Antos.
- The countries include China, India, Hong Kong, South Korea and Australia. (Previous)
Citigroup chooses AIA for lucrative life-insurance deal
Dec 19 2013, 03:39 ET