HONG KONG, CHINA:
Prudential Vietnam Assurance Private Limited ("Prudential Vietnam"), a subsidiary of Prudential plc, and Southeast Asia Commercial Joint Stock Bank ("SeABank") 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 ("BRG Group"), 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".