UOB renews bancassurance deal with Prudential for 15 years

The bank will continue to the latter's products in five Asian markets.

United Overseas Bank (UOB) signed an agreement to renew its strategic regional bancassurance arrangement with the Prudential Group for 15 years, according to a press statement. 

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

A fee of $1.15b will be 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.”