United Overseas Bank (UOB) has renewed its regional bancassurance agreement with Prudential Group for 15 years.
A fee of S$1.15 billion (27.2 billion baht) will be paid, accrued over the life of the bancassurance arrangement, the bank said.
Under the arrangement, UOB Group will distribute Prudential Group's life insurance products to its consumer banking customer base in Singapore, Indonesia, Malaysia, Thailand and Vietnam.
The arrangement leverages UOB Group's regional franchise, its omni-channel network and Prudential's product capabilities to offer protection and wealth solutions to meet the fast-growing and changing needs of consumers across these markets.
Wee Ee Cheong, deputy chairman and group chief executive of UOB, said the renewed agreement reflects the long-term approach and success of the partnership since 2010.
"UOB is focused on creating financial solutions in the best interests of customers and that are essential to their lifestyles and life stages," Mr Cheong said. "We believe our continued partnership with Prudential will create greater value for our customers and our stakeholders across the region, and reinforces our position as the premier Asean bank. 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."
Eddie Khoo, managing director and head of group retail at UOB, said: "Through this collaboration, we will bring our combined product and digital capabilities to help customers achieve their financial goals and aspirations."
