Major insurers compete for DBS tie-up

Leading insurance groups are gearing up for DBS’s $1 billion-plus auction for the right to sell their products to the Singapore bank's increasingly affluent clients across Asia.

AIA has hired Goldman Sachs, Manulife has engaged JP Morgan, Axa is likely to pick Deutsche Bank and Britain’s Prudential has chosen Bank of America Merrill Lynch to help them win the auction, according to people familiar with the matter. 

Bidding will likely kick off later this year, the people said.

DBS is auctioning the right to sell insurance and wealth management products over its network, a type of partnership known in the industry...