Prudential Thailand and Thanachart Bank commence exclusive long-term bancassurance partnership

Stocks and Financial Services Press Releases Wednesday May 8, 2013 15:52
Bangkok--8 May--Thanachart Bank

Prudential Life Assurance (Thailand) Public Company Limited ("Prudential Thailand"), a subsidiary of Prudential plc ("Prudential"), and Thanachart Bank Public Company Limited ("Thanachart Bank") today announced the completion of the sale of 100% of the shares of Thanachart Life Assurance to Prudential Thailand and the commencement of their exclusive 15-year bancassurance partnership. Thanachart Bank has now begun distributing Prudential Thailand's life insurance products through its network of more than 630 branches across the country.

The integration of Thanachart Life's operations has also started and, during the transition period, Thanachart Life policies will continue to be serviced by Thanachart Life. The terms and conditions of Thanachart Life policies remain unchanged.

Mr. Somjate Moosirilert, CEO and President of Thanachart Bank, said, "From today, more than 630 branches of Thanachart Bank nationwide will start offering Prudential's insurance products to our customers. Thanachart Bank's staff have recently completed comprehensive training in these new products and services from Prudential and with this new expertise gained, they can now offer these high-quality insurance products to and provide our over four million customers with enhanced services to meet their needs. With Prudential's world-class products offered by our trained staff through our extensive nationwide network, we are confident that the bancassurance partnership between Prudential and Thanachart will be highly successful."

Mr. Barry Stowe, Chief Executive, Prudential Corporation Asia, said: "The acquisition of Thanachart Life and partnership with Thanachart Bank are key milestones for Prudential in Thailand and demonstrate our commitment to grow our operations here. As we continue to build our business together with Thanachart Bank, we will remain focused on providing customers with world-class products, professionalism and the highest standards of customer care that Prudential is renowned for. We warmly welcome Thanachart Life employees to the Prudential family, and together as a bigger team, we look forward to taking our business in Thailand to the next level."

Mr. Brendan King, Deputy CEO of Thanachart Bank, said, "This partnership with Prudential is a further demonstration of our commitment to bring the best products and services to our customers in order to meet all of their financial needs. Like Thanachart Bank, Prudential is committed to offering best in class products and services and by closely working together, we are confident of being able to fully meet our clients' increasingly complex insurance needs.

Mr. Binayak Dutta, Chief Executive Officer, Prudential Thailand, said: "We are pleased to receive approval to complete our acquisition of Thanachart Life and we will ensure that the integration is seamless. We plan to offer a comprehensive range of products including protection, savings, group life insurance and loan protection for Thanachart Bank customers to help meet their financial needs. These products will be sold by Thanachart Bank staff across its branch network, and we look forward to working closely with Thanachart Bank as we continue to grow our business."

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