CIMB Group Holding, Malaysia's second largest bank by assets, announced on Friday a new partnership to distribute Japanese general insurance products in Southeast Asia.
CIMB will sell non-life insurance products from Sompo Japan Nipponkoa Insurance, the country's third largest general insurer, through regional branches, call centers, and its e-banking network.
"This partnership will reap benefits not only from CIMB's core strength in distribution of bancassurance products, but also from Sompo's capabilities in digital technology," said Zafrul Aziz, CIMB's group chief executive.
The deal comes with CIMB facing slower growth in its home market as Malaysia grapples with weaker demand for commodities. CIMB group has undergone restructuring to reduce costs and strengthen core businesses, particularly consumer banking.
Sompo is confident the tie-up with CIMB will expand its customer base. Kengo Sakurada, Sompo's group chief executive, said it "resonates well with our ambitions in the region".
CIMB has a strong presence in Indonesia and Thailand, and operates in 16 other countries.
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