28 Jul 2008
Prudential and Standard Chartered deepen their strategic bancassurance partnership in Asia
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.”
Mark Tucker, Group Chief Executive of Prudential plc, said: “We are very pleased to broaden and deepen our relationship with Standard Chartered Bank in Asia, which began ten years ago. The strength of our two brands and our shared expertise has benefited customers throughout the region.”
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.
About Prudential plc
Prudential plc is a company incorporated and with its principal place of business in England, 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 since 1848 and has £267 billion in assets under management (as at 31 December 2007).
In Asia, Prudential is the leading Europe-based life insurer in terms of market coverage and number of top three market rankings. With over 450,000 employees and agents across the region, Prudential’s life insurance and asset management operations span 13 markets covering Mainland China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan, Thailand, Vietnam and the United Arab Emirates.
Prudential's fund management business in Asia is also one of the region's largest, managing US$74 billion in assets and holding more top five market rankings than any other regional player (as at 31 December 2007).
Prudential plc of the United Kingdom is not affiliated in any manner with Prudential Financial, Inc., a company whose principal place of business is in the United States of America.
About Standard Chartered PLC
Standard Chartered PLC, listed on both the London Stock Exchange and the Hong Kong Stock Exchange, ranks among the top 25 companies in the FTSE-100 by market capitalisation. The London-headquartered group has operated for over 150 years in some of the world's most dynamic markets, leading the way in Asia, Africa and the Middle East. Its income and the number of employees have more than doubled over the last five years primarily as a result of organic growth and supplemented by acquisitions.
Standard Chartered aspires to be the best international bank in its markets through leading by example to be the right partner for its stakeholders. The group now employs 73,000 people, representing 115 nationalities, in more than 1,700 branches and outlets located in over 70 countries. The bank derives more than 90 per cent of its operating income and profits from Asia, Africa and the Middle East, with balanced income derived from both Wholesale and Consumer Banking.
The group is committed to building a sustainable business over the long term and is trusted worldwide for upholding high standards of corporate governance, social responsibility, environmental protection and employee diversity. For more information, please visit: http://www.standardchartered.com.