Pru teams up with Singapore bank

6th Jan 2010 07:45

Life assurance giant Prudential is to sell its products in the branches of United Overseas Bank (UOB) in Singapore, Indonesia and Thailand.In addition to this new partnership, Prudential will buy UOB’s life assurance unit in Singapore for S$428m (£192m) in cash, subject to a post-completion adjustment to reflect the net asset value as at the completion date.The partnership deal is set to run for 12 years and will give Prudential 414 retail outlets for its products in the region.‘This bancassurance partnership offers us significant new profitable growth opportunities in Singapore and Indonesia, and substantially increases our scale in Thailand, a key market in the region,’ said Tidjane Thiam, group chief executive of Prudential.