Prudential Vietnam Signs Exclusive Bancassurance Partnership Deal With SeABank

(RTTNews) - Prudential plc (PRU.L, PUK) announced Monday that its unit Prudential Vietnam Assurance Private Limited and Southeast Asia Commercial Joint Stock Bank or 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 Co., a conglomerate in Vietnam with approximately 10 million customers. The partnership is expected to be effective from April 2020.

Prudential Vietnam serves over 1.5 million customers and has a nationwide footprint, with more than 360 sales offices across 63 provinces. SeABank is a fast-growing bank in Vietnam with approximately 1.2 million customers and almost 170 branches.

Under the partnership, consumers will be provided with a comprehensive range of customer-centric life insurance solutions.

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.