prudential-and-uob-form-bancassurance-alliance

Prudential and UOB form bancassurance alliance

As part of the deal, the UK group will buy the Singaporean bank's life insurance arm.

Singapore's United Overseas Bank and Prudential Corporation Asia have set up a regional bancassurance partnership, whereby Prudential will sell its insurance products through UOB's retail network.

In conjunction with the alliance, UOB will sell UOB Life Assurance to Prudential for a total consideration of S$428 million $306 million. The deal is expected to complete by the end of January. HSBC advised UOB on the transaction, while Prudential was advised by Citi.

Under the arrangement, UOB in Singapore and its subsidiaries in Indonesia and Thailand -- UOB Buana and UOB Thai -- will distribute Prudential's life, accident and health insurance products for an initial term of 12 years.

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