English
Prudential plc sets up Bancassurance venture in Singapore
Posted on Jan 28, 2010 by Sergio Ulloa (G+)
Prudential plc has announced a partnership with United Overseas Bank (UOB) in Singapore to distribute Prudential's insurance products through United Overseas Bank's retail network. The deal entails that in addition to the partnership, Prudential will also buy UOB Life Assurance in Singapore for S$428 million . The bancassurance partnership which will last for 12 years, means that Prudential will be able to market and sell their protection, savings and investment insurance products through UOB's 414 bank branches throughout Singapore, Thailand and Indonesia. Prudential already has 400,000 agents across 13 markets in Asia, including: China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan, Thailand and Vietnam. The pending deal would help solidify Prudential's standing in the region and give it further opportunity for growth given UOB's strong distribution network. Companies Mentioned: Prudential plc - Prudential has been in the insurance and financial services business since 1848. Today they operate throughout the UK, US and Asia offering international health insurance and retirement planning services, supported by 27,000 employees worldwide. United Overseas Bank - United Overseas Bank has been operating in Singapore since 1935. For the last 75 years they have been growing their operations based on high quality products and customer service and now the UOB Group runs 500 offices in 18 countries in Asia, North America and Western Europe.