6th Jan 2020 08:10
(Alliance News) - Prudential PLC on Monday said it has entered into a bancassurance partnership with Southeast Asia Commercial Joint Stock Bank to provide life insurance solutions to the bank's customers.
Prudential Vietnam Assurance Pvt Ltd, a unit of Prudential, has entered into a 20-year partnership agreement with Southeast Asia Commercial Joint Stock Bank.
"The partnership builds on Prudential's strategy of enhancing its reach in Asia where there is growing demand for health, protection and wealth management products and is fully aligned with SeABank's customer-centric philosophy and digitally-enabled approach," the FTSE 100-listed insurer said.
Prudential Vietnam additionally will also become the preferred life insurance provider to BRG Group Joint Stock Co, a diversified conglomerate in Vietnam with 10 million customers across its businesses in finance & banking, real estates, hotels & resorts, recreation and commerce & retail sectors.
Nic Nicandrou, chief executive of Prudential Corp Asia said, "Vietnam is an important market for Prudential with a compelling long-term growth outlook. Our partnership with SeABank is fully aligned with our mission of helping individuals and families in Vietnam build better lives and a financially secure future and we are excited by its growth prospects."
Prudential shares in London were down 1.2% at 1,432.25 pence each on Monday morning.
By Tapan Panchal; [email protected]
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