The Hong Kong and London offices of Debevoise & Plimpton LLP are advising Hong Kong-based life insurer AIA Group Limited (AIA), in a transaction where AIA and Citibank N.A. (Citibank) have agreed on a landmark exclusive bancassurance partnership that encompasses 11 markets in the Asia-Pacific region.
The markets covered by the agreement are Hong Kong, Singapore, Thailand, China, Indonesia, Philippines, Vietnam, Malaysia, Australia, India and Korea.
The exclusive long-term agreement with Citibank is the widest-reaching bancassurance distribution partnership ever in Asia, building on AIA’s unrivalled presence in the region.
The new partnership arrangements will be implemented in each local territory during the course of 2014.
The Debevoise team is led in Hong Kong by partner E. Drew Dutton, and included international counsel Brian McKenna and associates Parveet Singh Gandoak, Allison Lee and Mai Shapiro. The Hong Kong team was also assisted by partner Richard Ward and associate Oliver McEntee in London.
AIA Group Limited and its subsidiaries comprise the largest independent publicly listed pan-Asian life insurance group. It has operations in 17 markets in Asia Pacific – wholly-owned branches and subsidiaries in Hong Kong, Thailand, Singapore, Malaysia, China, Korea, the Philippines, Australia, Indonesia, Taiwan, Vietnam, New Zealand, Macau, Brunei, a 97 per cent subsidiary in Sri Lanka, a 26 per cent joint venture shareholding in India and a representative office in Myanmar.
The business that is now AIA was first established in Shanghai over 90 years ago. It is a market leader in the Asia Pacific region (ex-Japan) based on life insurance premiums, and holds leading positions across the majority of its markets. It had total assets of $147 billion as of May 31, 2013.
Debevoise & Plimpton LLP is a leading international law firm, representing a wide range of clients in transactions and disputes around the world. Founded in 1931, the firm has offices in New York, Washington, D.C., London, Paris, Frankfurt, Moscow, Hong Kong and Shanghai.