Prudential Vietnam and SeABank establish exclusive bancassurance partnership

HONG KONG, CHINA -�Media OutReach - 6 January 2020 –
Prudential Vietnam Assurance Private Limited (“Prudential Vietnam”), a
subsidiary of Prudential plc, and Southeast Asia Commercial Joint Stock Bank
(“SeABank”) have entered into an exclusive bancassurance partnership with a
20-year term. Prudential Vietnam will also become the preferred life insurance
provider to BRG Group Joint Stock Company (“BRG Group”), a leading conglomerate
in Vietnam with approximately 10 million customers. The partnership is expected
to be effective from April 2020.

SeABank is a fast-growing bank in Vietnam with approximately
1.2 million customers and almost 170 branches. It has adopted a pioneering ecosystem
strategy, bringing together a number of market leaders to leverage their respective
strengths and customer access, including BRG Group and others in the telecommunication,
postal and retail segments. This strategy is underpinned by a
digital-convergence approach to transform customer journeys and deliver a
compelling suite of innovative products and services for the customers of its
ecosystem partners. SeABank’s ecosystem strategy is expected to deliver a
step-change in its customer base and contribute towards its mission of becoming
“the most favourite leading bank in Vietnam”.

Prudential Vietnam is a leading life insurance
company in Vietnam and is a household name synonymous with life insurance,
built up over 20 years of operations. It serves over 1.5 million customers and
has a nationwide footprint, with more than 360 sales offices across 63 provinces. 

Prudential Vietnam and SeABank have a shared
focus on helping local consumers achieve their financial and protection goals.
Under this partnership, consumers will be provided with a comprehensive range
of customer-centric life insurance solutions, seamlessly 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 and is fully
aligned with SeABank’s customer-centric philosophy and digitally-enabled
approach.

Mr Nic Nicandrou, Chief Executive of Prudential
Corporation Asia, said, “Vietnam is an important market for Prudential with a
compelling long-term growth outlook. 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.”

Mr Clive Baker, Chief Executive Officer of Prudential
Vietnam, said, “Bancassurance has been a key driver of our recent growth in the
country and we are delighted to partner with SeABank. The combination of
SeABank’s rapidly growing customer base and our proven distribution expertise
will deliver a leading bancassurance franchise in Vietnam. We will continue to
invest in our partnership network, alongside our well-established and
successful agency force.”

Ms Le Thu Thuy, Chief
Executive Officer of SeABank, said, “This
partnership enables us to offer our growing customer base access to Prudential
Vietnam’s market-leading and innovative product suite. It is a clear
demonstration of our commitment to fulfilling the evolving savings and
protection needs of our customers and we look forward to collaborating closely
with Prudential Vietnam to deliver a superior customer experience.” 

 

About SeABank

Established in 1994, SeABank is a prominent
joint-stock commercial bank in Vietnam with 1.2 million customers, over 4,000
employees and almost 170 branches nationwide. It aims to become the leading
retail bank in Vietnam through a customer-centric strategy and by providing a
diverse range of financial products and services to individuals, small business
enterprises and large enterprises. SeABank is considered one
of the pillars in the Vietnamese banking system with a charter
capital of VND 9.369 billion, B1 rating by Moody’s and is Basel II compliant.
With its recent digital-convergence approach, SeABank is well-positioned to
deliver best-in-class solutions to consumers and fulfil its mission to be
become “the most favorite leading bank in Vietnam”.

About BRG Group

BRG Group is a leading diversified Vietnamese
conglomerate with over 10 million customers and which is active across 15
business sectors, including finance and banking, real estates, hotels and
resorts, recreation and commerce and retail. It has a proven track record of
cooperating with multinational companies to build an ecosystem with a
comprehensive range of products and services that contribute to the development
of the community and country.

About Prudential Vietnam

Prudential Vietnam is a subsidiary of Prudential plc, a leading global financial group headquartered in the
UK.  It has operated in Vietnam for
over 20 years and is
focused on expanding the life insurance market and changing people’s perception of insurance. As
of 30 June 2019, Prudential
Vietnam had over 200,000 financial
consultants, over 360 sales offices
and 1.5 million customers. Besides its core business,
Prudential Vietnam also focuses on social responsibility. During the period of
2012 — 2018, it contributed VND175 billion
across three pillars of education, healthy living, and safety. In 2019, marking
its 20-year anniversary, Prudential
Vietnam has launched a new brand commitment “Listening. Understanding.
Delivering.“
reaffirming its commitment to always putting customers first, delivering
innovative and comprehensive solutions to support their evolving needs while
making engagement easier for today’s digital-savvy customers.

About Prudential plc

Prudential plc is an Asia-led portfolio of businesses focused on
structural growth markets. The business helps individuals to de-risk their
lives and deal with their biggest financial concerns through life and health
insurance, and retirement and asset management solutions. Prudential plc has 20
million customers and is listed on stock exchanges in London, Hong Kong,
Singapore and New York.

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, nor with
the Prudential Assurance Company, a subsidiary of M&G plc, a company
incorporated in the United Kingdom.