Hang Seng Bank Ltd., a Hong Kong-based lender majority owned by HSBC Holdings Plc, is seeking an insurance partner after its existing agreement with Australia’s QBE Insurance Group Ltd. expired, according to people familiar with the matter.
Hang Seng Bank is working with a financial adviser as it explores a so-called bancassurance partnership, which could be valued at more than $100 million, the people said, asking not to be identified because the matter is private. Under such an agreement, an insurer typically pays an upfront amount to sell its products in the bank’s branches.
