Prudential Vietnam and MSB extend and expand bancassurance partnership
Prudential Vietnam, a subsidiary of Prudential plc , and Vietnam Maritime Commercial Joint Stock Bank (“MSB”) have renewed their bancassurance partnership for a 15-year term. The new agreement expands the geographical scope to include North Vietnam, where MSB is headquartered. With this expansion, Prudential Vietnam will become MSB’s single partner nationwide.
Prudential Vietnam is a life insurance company with over 1.6 million customers and a footprint of over 350 sales offices across 63 provinces. MSB is a bank with 62 branches and 201 transaction offices in 51 cities/ provinces in Vietnam; as at end-December 2020, MSB had more than 2.36 million retail customers and 57,000 corporate clients. Prudential and MSB have been collaborating since 2013 and have built a bancassurance partnership which delivered a 34 percent compound annual growth rate in APE between 2014 and 2020.
Under the renewed partnership, Prudential Vietnam and MSB will expand into new segments, including digital, to deliver “holistic protection” solutions to customers. With a digital-focused approach that is aligned with MSB’s, Prudential Vietnam plans to leverage existing digital tools, such as its artificial intelligence-powered application Pulse by Prudential, to seize further growth opportunities for the partnership.
“Vietnam is an important market and source of growth for Prudential. The renewal and expansion of our long-term partnership with MSB represents a tremendous opportunity for Prudential to build on its strong presence in the market. It is a clear demonstration of our commitment to serving MSB’s customers, helping them get the most out of life with our leading suite of health and wealth solutions.” – Mr Nic Nicandrou, Chief Executive of Prudential Corporation Asia.
“Prudential Vietnam has built a highly-effective bancassurance partnership with MSB since 2013. We are delighted to be taking the partnership to the next level as we deliver our innovative offerings to MSB’s customers through existing as well as new channels, including digital. We look forward to continuing our strong relationship with MSB for another 15 years.” – Mr Phuong Tien Minh, CEO of Prudential Vietnam.
“We have enjoyed a very successful partnership with Prudential Vietnam and this reinforced our decision to extend the partnership and expand its scope to cover all of Vietnam. Together with Prudential Vietnam, we will remain focused on providing best-in-class financial and investment solutions to consumers across the country, helping them fulfil their evolving needs and providing them with a secure future.” – Mr Nguyen Hoang Linh, CEO of MSB.
