UOB Group's partnership with Prudential provides the bank's customer base with continued access to Prudential’s suite of life insurance products in Singapore, Indonesia, Malaysia, Thailand and Vietnam.
United Overseas Bank (UOB) has renewed its strategic regional bancassurance arrangement with Prudential Group for a period of 15 years for $1.15 billion, the bank announced on Thursday in a press release.
Under the arrangement, UOB will continue distributing Prudential Group's life insurance products to its consumer banking customer base in Singapore, Indonesia, Malaysia, Thailand and Vietnam, which it has done since 2010.
«We believe that our continued partnership with Prudential will create greater value for our customers and our stakeholders across the region and reinforces our position as the premier ASEAN bank,» Wee Ee Cheong, Deputy Chairman and Group Chief Executive Officer of UOB, said.
Regional Networks
UOB already has an extensive presence and deep local experience across Southeast Asia. According to the bank, the bancassurance arrangement leverages UOB Group's regional franchise, its omnichannel network, as well as Prudential's capabilities to offer protection and wealth solutions to meet the fast-growing and changing needs of consumers in these markets.
«We believe there is a significant opportunity for future growth in Southeast Asia and the renewal reflects our commitment to using our capabilities to benefit our customers and shareholders,» Mike Wells, Group Chief Executive of Prudential, said.
