Millea Holdings Inc. said Friday it has agreed with BankThai Public Co. to tie up in the life insurance business in Thailand from May.
The holding company said the midsize Thai commercial bank and Millea's two units -- Millea Asia Pte. and Millea Life Insurance (Thailand) Public Co. -- have agreed to jointly promote sales of life insurance products at bank counters in Thailand.
Under the agreement, BankThai will sell insurance to its clients through its employees by utilizing its branch network, while Millea Life will provide life insurance products to BankThai, Millea said.
To further bolster the alliance, BankThai will acquire a 23 percent stake in Millea Life, while Millea Asia, the intermediate holding company and Asian regional headquarters of the Millea group, will purchase a 5 percent stake in BankThai, Millea said.