03 May 2013
Prudential plc completes acquisition of Thanachart Life Assurance Company
Prudential plc (“Prudential”), through its subsidiary Prudential Life Assurance (Thailand) Public Company Limited (“Prudential Thailand”), confirms it completed the purchase of Thanachart Life Assurance Company from Thanachart Bank Public Company Limited (“Thanachart Bank”) on 3 May 2013.
In addition, Prudential Thailand and Thanachart Bank are pleased to announce the launch of their exclusive 15-year partnership to develop jointly their bancassurance business in Thailand.
The transaction and bancassurance partnership, which were announced on 5 November 2012, have received all appropriate regulatory approvals.
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About Prudential plc
Prudential plc is incorporated in England and Wales, and its affiliated companies constitute one of the world's leading financial services groups. It provides insurance and financial services through its subsidiaries and affiliates throughout the world. It has been in existence for 165 years, serves over 24 million customers worldwide and has £405 billion in assets under management (as at 31 December 2012). 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.
About Thanachart Bank
Thanachart Bank Public Company Limited is Thailand’s fifth-largest bank by number of branches and the country's leading automobile lender. With more than 630 branches nationwide, Thanachart Bank offers a full range of financial services to over four million customers including Retail, Hire Purchase, Corporate and SME banking, Insurance, Life Assurance, Securities Brokerage and Fund Management. As of 31 December 2012, Thanachart Bank’s total assets exceeded THB 950 billion.
As a leading commercial bank in Thailand, Thanachart Bank is further strengthened by the strong support of its strategic shareholder, the Bank of Nova Scotia (“Scotiabank”). Scotiabank owns 49 per cent of Thanachart Bank and with headquarters in Canada, is a leading international bank serving 19 million customers in 55 countries around the world with a strong presence in Thailand since 1980. Scotiabank was ranked as one of the world’s 50 safest banks (No. 12) in 2012 by Global Finance Magazine.
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