United Overseas Bank Limited ("UOB") today has signed an agreement to renew its strategic regional bancassurance arrangement with the Prudential Group for 15 years. A fee of S$1.15 billion will be paid that will be accrued over the life of the bancassurance arrangement.
Under the arrangement, the UOB Group will distribute the Prudential Group's life insurance products to its consumer banking customer base in Singapore, Indonesia, Malaysia, Thailand and Vietnam. The bancassurance arrangement leverages UOB Group's regional franchise, its omnichannel network and Prudential's product capabilities to offer protection and wealth solutions to meet the fast-growing and changing needs of consumers across these markets.
Wee Ee Cheong, deputy chairman and group chief executive officer of UOB, says the renewed agreement reflects the long-term approach and success of this partnership since 2010, "We look forward to working together with Prudential to continue developing unique and innovative insurance solutions for Asia's burgeoning affluent population and its increasing number of mobile-first and mobile-only consumers."
Eddie Khoo, managing director and head of group retail, UOB, says, "UOB has extensive presence and deep local experience across the region. With these, we know what most suits the needs and preferences of our growing consumer banking customer base. Through this collaboration, we will bring our combined product and digital capabilities to help customers achieve their financial goals and aspirations."