United Overseas Bank (UOB) will now distribute Prudential’s life insurance products to its banking customers in Vietnam.
This comes after the bank renewed its regional bancassurance arrangement with Prudential and runs until 2034. Vietnam was not part of the original deal, which was set up in 2010.
In addition to Vietnam, under the deal, UOB will distribute Prudential’s life insurance products in Singapore, Indonesia, Malaysia, and Thailand.
Prudential will pay UOB a fee of S$1.15bn (£667m, $851m ,€738m) over the period.
Wee Ee Cheong, deputy chairman and group chief executive of UOB, said: “UOB is focused on creating financial solutions in the best interests of customers and which are essential to their lifestyles and life stages.
“We believe that our continued partnership with Prudential will create greater value for our customers and our stakeholders across the region.”
Prudential group chief executive Mike Wells said: “We have built a highly effective bancassurance partnership with our colleagues at UOB that has driven double-digit annual sales and new business profit growth since 2010.
“We believe there is a significant opportunity for future growth in south-east Asia and the renewal reflects our commitment to using our capabilities to benefit our customers and shareholders.”
