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This came after parent companies of both entities signed a new 15-year agreement covering in several Asian markets subject to applicable regulations in each country. Vietnam is one of the markets where Standard Chartered Bank branches in the country will exclusively distribute a wide range of Prudential Vietnam’s life insurance products.
The agreement extends the already successful cooperation between Prudential Vietnam, the leading life insurer in Vietnam, and Standard Chartered Bank, one of the leading international banks in the country. Both organisations entered into a bancassurance agreement in 2009 and have developed their partnership into one of the most productive bancassurance businesses in the country. Building on their respective strengths and their common goal to broaden their bancassurance franchise in Vietnam, Prudential Vietnam and Standard Chartered Bank have reinforced their commitment and investments under the new 15-year strategic partnership, which will commence on July 1, 2014.
“Prudential Vietnam is the leading bancassurer in the country and enjoys highly successful bancassurance relationships with both international and local banks. Celebrating 15 years of operations in Vietnam, we are very happy to enter into a new 15-year exclusive partnership agreement with our strategic partner Standard Chartered Bank,” said Jack Howell, CEO of Prudential Vietnam. “An exclusive bancassurance partnership provides us with a seamless platform to offer high-quality insurance products and superior banking solutions to customers, allowing us to better serve their long-term insurance and financial needs. Both teams have worked well together and we are excited to take our partnership to a new level."
“We are excited to enter into a new stage of the highly successful partnership with Prudential in Vietnam. The alliance enables us to continue enhancing the value we offer to our customers across the country. It is also a great opportunity to provide our customers with a superior experience, focusing on meeting their diverse financial needs. Standard Chartered has been present in Vietnam for 110 years and is fully committed to this market. We look forward to working closely with Prudential to extend the protection to more people in the country, reinforcing our brand promise of being here for good,” Nirukt Sapru, CEO of Standard Chartered Vietnam said.