UOB renews bancassurance agreement with Prudential for 15 years

The bank will distribute Prudential Group’s life insurance products to its consumer banking customer base across the region.

United Overseas Bank (UOB) signed an agreement to renew its strategic regional bancassurance arrangement with the Prudential Group for 15 years in a bid to offer protection and wealth solutions to consumers across the region, an announcement revealed.

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Under the arrangement, the bank will continue to distribute the Prudential Group’s life insurance products to its consumer banking customer base in Singapore, Indonesia, Malaysia, Thailand and Vietnam.

According to the statement, a fee of $1.15b will paid that will be accrued over the life of the agreement.

“We believe that our continued partnership with Prudential will create greater value for our customers and our stakeholders across the region,” UOB’s deputy chairman and group CEO Wee EE Cheong said in a statement. “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.”