Siam Commercial Bank and Prudential Thailand announce unit-linked bancassurance partnership

Stocks and Financial Services Press Releases Wednesday January 10, 2018 16:15
Bangkok--10 Jan--Siam Commercial Bank

Siam Commercial Bank Public Company Limited ("SCB"), a leading bank in Thailand, and Prudential Life Assurance (Thailand) Public Company Limited ("Prudential Thailand"), a subsidiary of UK-based Prudential plc,have agreed to establish a bancassurance partnership to jointly develop and provide insurance solutions for SCB's wealth segment customers.

Both companies have a long history of providing Thai people with innovative financial products that meet their evolving needs. The partnership, which will be effective from 1 February 2018, will provide SCB's customers with access to Prudential Thailand's world class range of unit-linked products through the bank's licensed financial advisers.

SCB and Prudential Thailand will initially offer three-unit linked products with both Regular and Single Premium options1, to serve the protection, savings and investment needs of the Bank's wealth segment customers.

Ms. Salisa Hanpanich, Executive Vice President of First Division and Segment Management Division for Siam Commercial Bank, said "The alliance with Prudential Thailand supports our strategy to provide our customers with best-in-class unit-linked life insurance products, which are perfectly fit to serve the financial and investment needs of customers in the fast-growing wealth segment, as customers in this segment are looking for investment products that provide them with an opportunity to get higher returns than deposit ones, and at the same time get protection for the peace of mind of their families. We expect that, through Prudential's unit-linked products combined with strong team of sales, training and customer service support, we can achieve our ambition."

Aman Chowla, Chief Executive officer of Prudential Thailand, said, "We are proud to partner with Siam Commercial Bank, the longest established bank and one of the most successful banks in Thailand. Bancassurance is an integral part of our multi-distribution strategy to reach and serve Thai customers. This partnership with SCB enables us to leverage our expertise in unit-linked products to provide innovative and need-based solutions to SCB's wealth segment customers. Thailand is one of the largest insurance marketsin South East Asia with low insurance penetration, a growing and increasingly prosperous population with significant insurance and savings needs.

This partnership will give us further opportunity to reduce the insurance gap in what is an important market for Prudential in Asia."

Latest Press Release

Photo Release: EXIM Thailand Visits Xayaburi Hydroelectric Power Project

Mr. Nopporn Thepsithar (fifth left), Chairman of the Board of Executive Directors, Export-Import Bank of Thailand (EXIM Thailand) and Dr. Narongchai Akarasanee (center), former Minister of Energy, recently visited Xayaburi Hydroelectric Power Project...

Thailands Promotion of Advanced Technology and Eco-system Development Enables Local Producers to Fly Higher

Thailand has been experiencing a gradual shift from a manufacturing to a high-value manufacturing economy after the country has put all its efforts into promoting the use of advanced technology, science, and innovation in parallel with the development of...

Get 5-Baht Cashback when making payment via K PLUS for BTS tickets until April 30, 2019

To celebrate the latest QR Code payment service via K PLUS for one-way BTS tickets bought from ticket issuing machines at BTS Stations, KBank has teamed up with BTS to offer a cashback of 5 Baht/trip, which will be credited into the passenger's account...

OKEx Revisited Bangkok After Launch of Thai Baht Trading

OKEx, a Malta-based world-leading digital asset exchange, has made a stop-over to Bangkok to bring industry leaders together to exchange ideas on blockchain technology. In view of the fast-growing digital asset community in Thailand, OKEx has launched...

MFC launches new 6-month fund investing in global debt instruments, IPO 18 22 February 2019

Mr. Lim Chong Boon Dennis, President, MFC Asset Management Public Company Limited, announced today that MFC will be launching the MFC International Fixed Income Fund 6 Months Series 12 or I-FIX 6M12 during 18 – 22 February 2019. The Fund is a...

Related Topics