10 Oct 2006
Prudential Vietnam granted finance company licence
The Vietnamese Government has granted Prudential a licence to operate a finance company in Vietnam.
Following seven years of success as a leading life insurer, Prudential Vietnam is not only the first foreign firm approved to establish retail financial services operations in Vietnam, it is also the first non-bank company to enter the retail credit market. The new finance company will offer credit products such as home mortgages to the Vietnamese public, with plans to expand into corporate loans as the business develops.
Barry Stowe, Chief Executive of Prudential Corporation Asia said:
“Prudential Vietnam has already established itself as a leading brand in the insurance business, while our confidence in the Vietnam investment sector has been amply rewarded and further reinforced by the success of our new Fund Management company’s first IPO last month.
The new licence underscores our long-standing commitment to meet the increasingly diverse financial needs of the Vietnamese people. I am confident that this historic milestone heralds yet another phase of strong growth for Prudential Vietnam’s dynamic group of businesses.”
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*Prudential plc, a company incorporated and with its principal place of business in the United Kingdom, and its affiliated companies constitute one of the world's leading financial services groups. It provides insurance and financial services directly and through its subsidiaries and affiliates throughout the world. It has been in existence for over 150 years and has £238 billion in assets under management, as at 30 June 2006. Prudential plc is not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America.
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