Hong Kong - 28 July 2008
Prudential plc and Standard Chartered PLC announce the extension and expansion of their successful bancassurance partnership that began in 1998.
The partnership enables Prudential to market and distribute its investment-linked, savings and protection insurance products to Standard Chartered customers in Asia. The new agreement extends the partnership to 2016.
The updated arrangement also broadens the markets covered to five, expanding beyond the original Hong Kong, Singapore and Malaysia to include Japan and Thailand. Prudential and Standard Chartered also have separate bancassurance arrangements covering China, Korea and Taiwan, bringing the total collaboration to eight markets across the region.
In addition to Prudential's life insurance products, the new agreement includes deeper cooperation on Accident & Health and Takaful Islamic insurance products.
Commenting on the partnership, Steve Bertamini, Standard Chartered's Group Executive Director and CEO, Consumer Banking, said: "The renewed partnership with Prudential and expansion of our relationship in Asia underlines our commitment to providing superior financial products to our customers."
Barry Stowe, Chief Executive of Prudential Corporation Asia, said: "We look forward to building on our relationship with Standard Chartered Bank and serving more customers across the region. Over the last ten years, our innovative partnership has grown from strength to strength and there is still enormous headroom for future growth."
Prudential and Standard Chartered have extensive operations in Asia. Standard Chartered Bank has operations in more than 20 markets across Asia Pacific. Prudential's insurance and fund management operations span 13 markets in the region and account for over 50% of Prudential plc's new business profits.