Prudential Vietnam and SeABank establish exclusive bancassurance partnership

Prudential Vietnam Assurance, a subsidiary of Prudential, and SeABank have announced that they 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 Company (BRG Group), a leading conglomerate in Vietnam with approximately 10 million customers. This partnership is expected to become effective from April 2020.

Prudential Vietnam and SeABank have a shared focus on helping local consumers achieve their financial and protection goals. Under this partnership, consumers will be provided with a comprehensive range of customer-centric life insurance solutions, seamlessly delivered via a suite of digital tools to enrich the customer experience.

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 and is fully aligned with SeABank's customer-centric philosophy and digitally enabled approach.

Nic Nicandrou, Chief Executive, Prudential Corporation Asia, said “Vietnam is an important market for Prudential with a compelling long-term growth outlook. Our partnership with SeABank is fully aligned with our mission of helping individuals and families in Vietnam build better lives and a financially secure future and we are excited by its growth prospects.”

Clive Baker, Chief Executive Officer, Prudential Vietnam, said “Bancassurance has been a key driver of our recent growth in the country and we are delighted to partner with SeABank. The combination of SeABank's rapidly growing customer base and our proven distribution expertise will deliver a leading bancassurance franchise in Vietnam. We will continue to invest in our partnership network, alongside our well-established and successful agency force.”

Le Thu Thuy, Chief Executive Officer, SeABank, said “This partnership enables us to offer our growing customer base access to Prudential Vietnam's market-leading and innovative product suite. It is a clear demonstration of our commitment to fulfilling the evolving savings and protection needs of our customers and we look forward to collaborating closely with Prudential Vietnam to deliver a superior customer experience.”

Established in 1994, SeABank is a prominent joint-stock commercial bank in Vietnam with 1.2 million customers, over 4,000 employees and almost 170 branches nationwide, according to a press release. It aims to become the leading retail bank in Vietnam through a customer-centric strategy and by providing a diverse range of financial products and services to individuals, small business enterprises and large enterprises. SeABank is considered one of the pillars in the Vietnamese banking system with a charter capital of VND 9.369 billion, B1 rating by Moody's and is Basel II compliant. With its recent digital-convergence approach, SeABank is well-positioned to deliver best-in-class solutions to consumers and fulfil its mission to be become “the favourite leading bank in Vietnam”.

BRG Group is a leading diversified Vietnamese conglomerate with over 10 million customers and which is active across 15 business sectors, including finance and banking, real estates, hotels and resorts, recreation and commerce and retail, as stated in the press release. It has a track record of cooperating with multinational companies to build an ecosystem with a comprehensive range of products and services that contribute to the development of the community and country.

Prudential Vietnam, a subsidiary of Prudential, a leading global financial group headquartered in the UK. It has operated in Vietnam for over 20 years and is focused on expanding the life insurance market and changing people's perception of insurance. As of 30 June 2019, Prudential Vietnam had over 200,000 financial consultants, over 360 sales offices and 1.5 million customers, according to a press release.