02 Jun 2008

Prudential receives approval to increase charter capital in Vietnam Finance Company

Prudential Vietnam Finance Company has obtained the approval from the State Bank of Vietnam to increase its charter capital from US$7.5 million to US$23.5 million according to Decision No 1144/QD-NHNN on 23 May 2008. Accordingly, fresh capital of US$15.5 million was injected into the company recently by its parent company in the United Kingdom.

With this increase in charter capital, Prudential Finance will be able to implement its expansion plan and launch a whole range of consumer finance products in the Vietnam market. As of now, Prudential Finance has successfully launched three key business lines namely, Personal Loans, Home Loans and Sales Finance. In future, the company aims to offer more products in the area of consumer finance like Credit Cards, Car Loans and Loans to Entrepreneurs for starting small businesses. Prudential Finance also plans to expand its branch network across the country with the initial focus being on Ho Chi Minh City and Hanoi.

Prudential Finance currently offers a wide range of convenient and flexible consumer finance products which can be used for a wide range of purposes like buying a home for their families, renovating their existing houses, paying for tuition or a ceremony in the family, buying a two-wheeler or a household appliance, etc. A large number of customers have been attracted to these products drawn by the convenient service and easy access provided by its efficient distribution network. Customers can apply to Prudential Finance by walking into the service centres or making telephone call. In future, they will be able to apply through the internet or by sending an SMS message. Prudential Finance now has three customer service centres in Ho Chi Minh City and a state-of-the-art contact centre which can house 500 agents and service 50,000 customers a day.

Mr. Kalidas Ghose, CEO of Prudential Finance said, “We take enormous pride in being the first fully foreign owned consumer finance company to be licensed by the State Bank of Vietnam. We are extremely committed to the Vietnam market and this increase in charter capital followed by its injection demonstrates our long term commitment to this market. We hope bring quality products and services to the millions of Vietnamese in future and establish the Prudential brand further in this country.”

About Prudential Corporation Asia

Prudential Corporation Asia, which comprises both life insurance and fund management, is part of Prudential plc* (United Kingdom), a leading international financial group. With over 420,000 agents and staff, Prudential is the leading European-based protection and savings insurer in the region in terms of market coverage and number of top three market rankings. Its insurance operations span 12 markets –– mainland China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan, Thailand and Vietnam.

Prudential’s fund management business is one of Asia’s largest and most successful fund managers, with US$74 billion in assets under management (as of 31 December 2007) and more top five rankings than other regional players in Asia. It has an extensive geographic footprint with fund management operations in 10 markets –– mainland China, Hong Kong, India, Japan, Korea, Malaysia, Singapore, Taiwan, Vietnam and the United Arab Emirates.

In Asia, Prudential's fund management business independently manages assets on behalf of a wide range of retail and institutional investors across the region. It is also a fund manager for life and pension products sold by Prudential plc and Prudential Corporation Asia.

* Prudential plc is a company incorporated in England with its head office in London, which, with its affiliated companies constitutes 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 160 years and had over US$530 billion in assets under management as at 31 December 2007. 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.

For media enquiries please contact:

Press Relations Department
Prudential Vietnam

Ho Chi Minh City
Mr Bui To Thuyen
Tel: (08) 9 101 660, ext. 1127; Mobile: 0917 56 1030
Email: bt.thuyen@prudential.com.vn

Ha Noi
Ms Le Thao Huong
Tel: (04) 9 360 960, ext. 215; Mobile: 0983 96 1060
Email: l.thaohuong@prudential.com.vn

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