Standard Chartered Signs Insurance Pact To Tap Asia

By Editorial 19 March, 2014

Bank Standard Chartered and insurance company Prudential have agreed to expand their bancassurance partnership, which will expand their offering of bank-provided life assurance and other insurance products to eleven Asian markets for a further fifteen years.

Under the terms of the new agreement, a wide range of Prudential's life insurance products will be exclusively distributed through Standard Chartered branches in nine markets – Hong Kong, Singapore, Indonesia, Thailand, Malaysia, the Philippines, Vietnam, India and Taiwan – subject to applicable regulations in each country. In China and South Korea, Standard Chartered will distribute Prudential's life insurance products on a preferred basis.

As part of the intent to deepen the strategic bancassurance partnership further, Prudential and Standard Chartered have also agreed to explore additional opportunities to collaborate, in due course, elsewhere in Asia and in Africa, subject to existing exclusivity arrangements and regulatory restrictions.

Commenting on the deal, Prudential's chief executive, Tidjane Thiam, said: "At the heart of our future prospects is Asia. We are pursuing the increasing demand for protection products from the rapidly growing middle class in our chosen markets across the region."

Tags: Investment | India | Banking | Insurance | China | Philippines | Singapore | Taiwan | Thailand | Hong Kong | Indonesia | Malaysia | Regulation | Vietnam | Services | Expats | Africa | Middle East |


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