# Prudential Vietnam establish exclusive bancassurance partnership with SeABank

- Link: https://www.directorstalkinterviews.com/prudential-vietnam-establish-exclusive-bancassurance-partnership-with-seabank/412801875
- Published: 2020-01-06T07:26:37+00:00
- Author: Amilia Stone

Prudential Vietnam Assurance Private Limited, a subsidiary of **Prudential **(LON:
PRU), and Southeast Asia Commercial Joint Stock Bank 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, 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.”

> **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.”  

> **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.”

_Prudential 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](https://www.directorstalkinterviews.com/ftse-company/prudential-plc/pru.l)
has 20 million customers and is listed on stock exchanges in London, Hong Kong, 
Singapore and New York. _

Share on: