Prudential PLC Prudential Vietnam bancassurance partnership (7561Y)
January 06 2020 - 2:00AM
UK Regulatory
TIDMPRU
RNS Number : 7561Y
Prudential PLC
06 January 2020
Press Release
Prudential Vietnam and SeABank establish exclusive bancassurance
partnership
Prudential Vietnam Assurance Private Limited ("Prudential
Vietnam"), a subsidiary of Prudential plc, and Southeast Asia
Commercial Joint Stock Bank ("SeABank") have entered into an
exclusive bancassurance partnership with a 20-year term. Prudential
Vietnam will also become the preferred life insurance provider to
BRG Group Joint Stock Company ("BRG Group"), a leading conglomerate
in Vietnam with approximately 10 million customers. The partnership
is expected to be effective from April 2020.
SeABank is a fast-growing bank in Vietnam with approximately 1.2
million customers and almost 170 branches. It has adopted a
pioneering ecosystem strategy, bringing together a number of market
leaders to leverage their respective strengths and customer access,
including BRG Group and others in the telecommunication, postal and
retail segments. This strategy is underpinned by a
digital-convergence approach to transform customer journeys and
deliver a compelling suite of innovative products and services for
the customers of its ecosystem partners. SeABank's ecosystem
strategy is expected to deliver a step-change in its customer base
and contribute towards its mission of becoming "the most favourite
leading bank in Vietnam".
Prudential Vietnam is a leading life insurance company in
Vietnam and is a household name synonymous with life insurance,
built up over 20 years of operations. It serves over 1.5 million
customers and has a nationwide footprint, with more than 360 sales
offices across 63 provinces.
Prudential Vietnam and SeABank have a shared focus on helping
local consumers achieve their financial and protection goals. Under
this partnership, consumers will be provided with a comprehensive
range of customer-centric life insurance solutions, seamlessly
delivered via a suite of digital tools to enrich the customer
experience. 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.
Mr Nic Nicandrou, Chief Executive of Prudential Corporation
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."
Mr Clive Baker, Chief Executive Officer of Prudential Vietnam,
said, "Bancassurance has been a key driver of our recent growth in
the country and we are delighted to partner with SeABank. The
combination of SeABank's rapidly growing customer base and our
proven distribution expertise will deliver a leading bancassurance
franchise in Vietnam. We will continue to invest in our partnership
network, alongside our well-established and successful agency
force."
Ms Le Thu Thuy, Chief Executive Officer of SeABank, said, "This
partnership enables us to offer our growing customer base access to
Prudential Vietnam's market-leading and innovative product suite.
It is a clear demonstration of our commitment to fulfilling the
evolving savings and protection needs of our customers and we look
forward to collaborating closely with Prudential Vietnam to deliver
a superior customer experience."
Enquiries:
Media Investors/Analysts
+44 (0)20 3977 +44 (0)20 3977
Tom Willetts 9760 Patrick Bowes 9702
+44 (0)20 3977 +44 (0)20 3977
Addy Frederick 9399 William Elderkin 9215
Ee Ching Tan +852 2918 6396 Darwin Lam +852 2918 6348
About SeABank
Established in 1994, SeABank is a prominent joint-stock
commercial bank in Vietnam with 1.2 million customers, over 4,000
employees and almost 170 branches nationwide. It aims to become the
leading retail bank in Vietnam through a customer-centric strategy
and by providing a diverse range of financial products and services
to individuals, small business enterprises and large enterprises.
SeABank is considered one of the pillars in the Vietnamese banking
system with a charter capital of VND 9,369 billion, B1 rating by
Moody's and is Basel II compliant. With its recent
digital-convergence approach, SeABank is well-positioned to deliver
best-in-class solutions to consumers and fulfil its mission to be
become "the most favorite leading bank in Vietnam".
About BRG Group
BRG Group is a leading diversified Vietnamese conglomerate with
over 10 million customers and which is active across 15 business
sectors, including finance and banking, real estates, hotels and
resorts, recreation and commerce and retail. It has a proven track
record of cooperating with multinational companies to build an
ecosystem with a comprehensive range of products and services that
contribute to the development of the community and country.
About Prudential Vietnam
Prudential Vietnam is a subsidiary of Prudential plc, a leading
global financial group headquartered in the UK. It has operated in
Vietnam for over 20 years and is focused on expanding the life
insurance market and changing people's perception of insurance. As
of 30 June 2019, Prudential Vietnam had over 200,000 financial
consultants, over 360 sales offices and 1.5 million customers.
Besides its core business, Prudential Vietnam also focuses on
social responsibility. During the period of 2012 - 2018, it
contributed VND175 billion across three pillars of education,
healthy living, and safety. In 2019, marking its 20-year
anniversary, Prudential Vietnam has launched a new brand commitment
"Listening. Understanding. Delivering." reaffirming its commitment
to always putting customers first, delivering innovative and
comprehensive solutions to support their evolving needs while
making engagement easier for today's digital-savvy customers.
About Prudential plc
Prudential plc is an Asia-led portfolio of businesses focused on
structural growth markets. The business helps individuals to
de-risk their lives and deal with their biggest financial concerns
through life and health insurance, and retirement and asset
management solutions. Prudential plc has 20 million customers and
is listed on stock exchanges in London, Hong Kong, Singapore and
New York.
Prudential plc is not affiliated in any manner with Prudential
Financial, Inc., a company whose principal place of business is in
the United States of America, nor with the Prudential Assurance
Company, a subsidiary of M&G plc, a company incorporated in the
United Kingdom.
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