1st Feb 2006 09:42
Prudential PLC01 February 2006 FOR IMMEDIATE RELEASE Wednesday 1 February 2006 Joint venture between Prudential and BSN in Malaysia awarded new takaful licence Prudential Holdings, part of Prudential plc, and Bank Simpanan Nasional (BSN)have been awarded a takaful licence by Bank Negara Malaysia. The new licence isone of four granted by Bank Negara, bringing the total number of companiesoffering Islamic insurance to nine. Mark Norbom, Chief Executive of Prudential Corporation Asia said: "We would like to thank Bank Negara for awarding us the takaful licence whichallows the joint venture to sell takaful products. We are very excited about theopportunity to develop products that would have strong appeal to Muslim Malayswho make up 60% of the population. We are also delighted to be in partnershipwith BSN, a well-known and well respected financial institution." Encik Tajuddin b Atan General Manager/ Chief Executive Officer of BSN said: "The two shareholders complement each other and the joint venture willimmediately benefit from Prudential's existing distribution of more than 7,000agents as well as BSN's nationwide network of 391 branches. We are confidentthat the joint venture will meet the ambition of the Government to acceleratethe availability of takaful products and bring insurance to Malays residing inthe cities as well as in the rural areas." The new joint venture is expected to be operational in about four to six months. -ENDS- Enquiries to: Media Investors / analystsJon Bunn 020 7548 3559 James Matthews 020 7548 3561Joanne Doyle 020 7548 3708 Marina Novis 020 7548 3511William Baldwin-Charles 020 7548 3719 *Prudential plc, a company incorporated and with its principal place of businessin the United Kingdom, and its affiliated companies constitute one of theworld's leading financial services groups. It provides insurance and financialservices directly and through its subsidiaries and affiliates throughout theworld. It has been in existence for over 150 years and has £214 billion inassets under management, (as at 30 June 2005). Prudential plc is not affiliatedin any manner with Prudential Financial, Inc, a company whose principal place ofbusiness is in the United States of America. About Prudential Prudential plc is a leading international financial services group, providingretail financial services and fund management in its chosen markets: the UnitedKingdom, the United States, Asia and continental Europe. Prudential has been writing life insurance in the United Kingdom for over 150years and has had the largest long-term fund in the United Kingdom for over acentury. Today, Prudential has over 16 million customers worldwide and over £214billion (as of 30 June 2005) of funds under management. In the United Kingdom Prudential is a leading life and pensions provideroffering a range of retail financial products. M&G is Prudential's UK &European Fund Manager, with around £126 billion of funds under management.Jackson National Life, acquired by Prudential in 1986, is a leading provider oflong-term savings and retirement products to retail and institutional customersthroughout the United States. Egg plc, in which Prudential has a 78 per centshareholding, provides banking, insurance and investment products through itsinternet site www.egg.com. Prudential is the leading European-based life insurer in Asia with operations in12 countries. About Bank Simpanan Nasional (BSN) BSN, or National Savings Bank, was incorporated on 1st December 1974 under theMinistry of Finance. With its incorporation, BSN has taken over all the dutiesand responsibilities of the Post Office Savings Bank. BSN's mission is to encourage savings, investments and smart financialmanagement among Malaysians to increase their quality of life. BSN has growninto more than 5,100 employees, 391 branches and 616 automatic teller machine(ATM) nationwide. It has embarked on a number of key initiatives to catalyse transformation, staycompetitive and be an entity which is able to create sustainable value. BSN iscontinuously enhancing its services as well as expanding its range of productsfor the benefit of its customers. BSN's main products include PersonalFinancing, Home Loan, Premium Saving Certificate (SSP), Islamic Banking Scheme,Giro Savings Account, BSN Matrix and Matrix-i Debit Card as well as VISA andMastercard credit card. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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