Prudential Plc Renew, Expand Regional Strategic Bancassurance Alliance With UOB

(RTTNews) - UK-based financial services group Prudential plc (PUK, PRU.L) on Thursday announced the renewal of its successful regional strategic bancassurance alliance with Singapore-based United Overseas Bank Limited or UOB. An initial fee of 662 million pounds will be paid under the agreement which will be funded through internal resources.

Under the deal terms, Prudential's life insurance products will be distributed through UOB's extensive network of more than 400 branches in five markets, providing access to over four million UOB customers.

In addition, Prudential will use its digital capabilities to deliver protection focused propositions to aid UOB's digital bank expansion and customer acquisition aspirations. The new agreement extends the original alliance which commenced in 2010 to 2034 and increases the geographical scope to include a fifth market, Vietnam, alongside its existing footprint across Singapore, Malaysia, Thailand and Indonesia.