Firms forge AIA and Citibank partnership

ACCORDING to The Lawyer, Debevoise & Plimpton and Linklaters have played lead roles advising the USD4 billion landmark bancassurance partnership between AIA and Citibank in the Asia-Pacific region. Under the exclusive deal, Hong Kong-based life insurer AIA will sell its insurance products through Citibank’s retail branch network in 11 markets across Asia Pacific, encompassing Australia, China, Hong Kong, Singapore, India, Korea and five South East Asian countries. The deal is reportedly valued at over USD4 billion over its 15-year agreement period. The arrangements will be implemented in each local territory during the course of 2014.