Insurer Prudential (LSE: PRU) has entered a 12 year strategic partnership with United Overseas Bank Limited to develop a regional bancassurance business to distribute its life investment, savings and protection insurance products through UOB’s 414 bank branches across Singapore, Indonesia and Thailand, and also agrees to acquire UOB Life Assurance in Singapore for £192 million in cash.
The company has already established a solid footing in the Singapore, possessing a strong distribution network of tied agency and distribution partners, looking to enhance its position through the combination of UOB Life Assurance with its existing businesses.
“Our agreement with UOB enhances our presence in Asia and strengthens our regional platform. This bancassurance partnership offers us significant new profitable growth opportunities in Singapore and Indonesia, and substantially increases our scale in Thailand, a key market in the region... this transaction will allow us to continue to create significant shareholder value in some of the most dynamic and attractive Asian markets,” said chief executive of Prudential, Tidjane Thiam. http://www.proactiveinvestors.co.uk/companies/news/11878/prudential-acquires-uob-life-insurance-business-enters-strategic-partnership-11878.html
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