The new agreement extends the original alliance to 2034 and increases the geographical scope to include Vietnam, alongside the existing footprint of Singapore, Malaysia, Thailand and Indonesia.
Prudential’s life insurance products will continue to be distributed through UOB’s network of more than 400 branches in five markets, providing access to over four million UOB customers. In addition, Prudential will use its digital capabilities to deliver protection focused propositions to aid UOB’s digital bank expansion and customer acquisition aspirations. An initial fee of GBP 662 million will be paid under the agreement.
Mr Wee Ee Cheong, Deputy Chairman and Group Chief Executive Officer of UOB, said the renewed agreement reflects the long-term approach and success of this partnership since 2010, “UOB is focussed on creating financial solutions in the best interests of customers and which are essential to their lifestyles and life stages. 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. We look forward to working together with Prudential to continue developing unique and innovative insurance solutions for Asia’s burgeoning affluent population and its increasing number of mobile-first and mobile-only consumers.”
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