Prudential will partner up with United Overseas Bank (UOB) to sell its products across Singapore, Indonesia and Thailand.
The 12-year bancassurance partnership will allow the insurer to distribute its investment, savings and protection insurance products through the UOB Group's 414 bank branches in the region. The insurer will also buy UOB's life assurance unit in Singapore for £192m in cash, settled post-completion. Prudential is already a leading life insurer in Singapore with strong distribution chains and the move is expected to consolidate its position in the region. Tidjane Thiam, group chief executive Prudential, says: "This bancassurance partnership offers us significant new profitable growth ...
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