SINGAPORE (Jan 6): Prudential announced Monday that subsidiary Prudential Vietnam Assurance has entered into an exclusive bancassurance partnership with Southeast Asia Commercial Joint Stock Bank (SeABank) for a 20-year term.

The partnership is expected to be effective from April 2020.

Under the partnership, consumers will be provided with a comprehensive range of life insurance solutions, delivered via a suite of digital tools to enrich the customer experience.

The partnership builds on Prudential’s strategy of enhancing its reach in Asia where there is growing demand for health, protection and wealth management products.

It is also fully aligned with SeABank’s customer-centric philosophy and digitally-enabled approach.

“Vietnam is an important market for Prudential with a compelling long-term growth outlook,” says Nic Nicandrou, chief executive of Prudential Corporation Asia.

“Our partnership with SeABank is fully aligned with our mission of helping individuals and families in Vietnam build better lives and a financially secure future and we are excited by its growth prospects,” he adds.

“Bancassurance has been a key driver of our recent growth in the country,” says Clive Baker, chief executive officer of Prudential Vietnam. “The combination of SeABank’s rapidly growing customer base and our proven distribution expertise will deliver a leading bancassurance franchise in Vietnam.”

“It is a clear demonstration of our commitment to fulfilling the evolving savings and protection needs of our customers,” says Le Thu Thuy, chief executive officer of SeABank.

As at 2.56pm, shares in Prudential are trading flat at US$16.00.