HANOI, Vietnam, Jan. 6, 2020 /PRNewswire/ -- Prudential Vietnam Assurance Private Limited (Prudential Vietnam), a subsidiary of Prudential plc, and Southeast Asia Commercial Joint Stock Bank(SeABank - Vietnam) 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. The strategy of adopting ecosystem connecting to enterprises in the telecommunication, postal and retail segments is underpinned by a digital-convergence approach to transform customer journeys and deliver a compelling suite of innovative products and services for the customers, expected to deliver a step-change in its customer base and contribute towards its mission of becoming "the most favourite leading retail 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. Therefore, consumers will be provided with a comprehensive range of customer-centric life insurance solutions.
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."
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 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. We look forward to collaborating closely with Prudential Vietnam to deliver a superior customer experience."