StockMarketWire.com - Insurance company Prudential's Vietnamese subsidiary, Prudential Vietnam Assurance Private Limited, has entered into a bancassurance partnership with Southeast Asia Commercial Joint Stock Bank (SeABank).

The exclusive agreement has a 20-year term and will become effective from April 2020.

Through the partnership, consumers will be provided with a range of customer-centric life insurance solutions.

As part of the deal, Prudential Vietnam will become the preferred life insurance provider to BRG Group Joint Stock Company, a leading conglomerate in Vietnam with approximately 10m customers.

SeABank has approximately 1.2m customers and almost 170 branches, and brings together a number of market leaders including BRG Group and others in the telecommunication, postal and retail sectors.

Prudential Vietnam has been operating for more than 20 years and serves over 1.5m customers.

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.'

Le Thu Thuy, CEO 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.'



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