UOB Renews its Strategic Bancassurance Arrangement with Prudential Across the Region

Mr Wee Ee Cheong, Deputy Chairman and Group Chief Executive Officer, UOB (left), and Mr Nic Nicandrou, Chief Executive, Prudential Corporation Asia, signed an agreement to renew their strategic regional bancassurance arrangement.

United Overseas Bank Limited (“UOB”) recently announced that it 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.

Mr. Wee Ee Cheong, Deputy Chairman and Group Chief Executive Officer of UOB, said the renewed agreement reflects the long-term approach and success of this partnership since 2010, “UOB is focused on creating financial solutions in the best interests of customers and which are essential to their lifestyles and life stages. We believe that our continued partnership with Prudential will create greater value for our customers and our stakeholders across the region and reinforces our position as the premier ASEAN bank. 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.”

Mr. Eddie Khoo, Managing Director and Head of Group Retail, UOB, said, “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."

Please find attached announcement and photo for your reference and use.

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About United Overseas Bank (Thai)
United Overseas Bank (Thai) Public Company Limited (UOB (Thai)) is a fully-licensed commercial bank with its network of 154 branches, 363 ATMs nationwide (as of 31 December 2017). UOB (Thai) is 99.66 per cent owned by Singapore-based United Overseas Bank Limited (UOB), which has a global network of more than 500 offices in Asia Pacific, Europe, and North America. A regional bank rooted in Thailand, UOB (Thai) provides customers with financial expertise and connectivity across Asia. It offers innovative financial solution, quality products and excellent service through understanding and identifying the needs of its customers.

UOB (Thai) is rated among the top banks in Thailand: AAA by Fitch Ratings.

For queries, please contact
Yada Srisammasheep
Strategic Communications and Customer Advocacy
Email : Yada.sri@uob.co.th
Tel: +66(0)2343 4965; Mobile: +66(0)84640 0058