Five insurance companies including life insurance giants Metlife and AIA have submitted final proposals for the deal to distribute their products through Citigroup in Asia.
The deal is projected to over $10bn in revenues over the next 15 years, Reuters reported citing undisclosed sources.
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Among other insurers that are in race for the deal are Prudential, Manulife Financial Corp and FWD Group.
Once completed, the Citigroup deal is expected to be the second-biggest bancassurance deal, after Prudential’s agreement with Standard Chartered, the news agency reported.
The successful insurer will get access to Citigroup’s 600 branches and more than 34 million retail accounts in Asia.
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