19th Mar 2020 09:17
(Alliance News) - Prudential PLC on Thursday said it has entered into an agreement to provide its "leading suite of health and wealth solutions" to customers of Thailand's TMB Bank Public Co Ltd.
The partnership will begin on January 1, 2021, and will see Prudential part with THB24.5 billion, about USD754 million, over two instalments. Prudential said the deal requires an existing contract that TMB has with another group to be dissolved.
"The new agreement significantly expands and extends Prudential's successful partnership with Thanachart Bank to TMB Bank, which, following their merger, is the sixth largest bank by deposits and fourth largest bank by branches in Thailand," the UK company said.
"The new strategic partnership with TMB enables Prudential Thailand to achieve the scale and presence in the life insurance market, consistent with its ambition of being a leading player."
Prudential hailed TMB's "large and growing customer base". Thailand is also the "second largest life insurance market" in the Association of Southeast Asian Nations region.
"The bancassurance partnership strongly complements Prudential's top-five market position in the mutual fund market. It also deepens the strong relationship with TMB established through Prudential's joint venture asset management partnerships, where Prudential has a 12% share of the Thai mutual fund market," Prudential added.
Shares in the company were 0.6% higher at 715.20 pence each in London on Thursday morning.
By Eric Cunha; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
Prudential