StanChart, Prudential link on bancassurance
IN COOPERATION with insurance company Prudential Indonesia, Standard Chartered Bank Indonesia has launched Versalink Capital Protection bancassurance to support its goal to achieve double-digit growth in its fee-based income this year.
The cooperation will provide a significant boost to the bank’s fee income, said Standard Chartered Bank Indonesia’s retail banking head, Lanny Hendra, in Jakarta on Thursday.
She expressed optimism that the bank could achieve its fee income target, considering the improved economic conditions.
Standard Chartered Bank Indonesia previously cooperated with the insurance company to launch several products that met positive responses from its customers, she said, adding that it was the bank’s sixth cooperation with Prudential Indonesia.
Executive director and head of wealth management Bambang Simarno said more than 2,000 priority banking customers had used the products launched in collaboration with Prudential.
According to its financial report, the bank booked 606.57 billion rupiah (Bt1.51 billion) in fee income during the second quarter of the year, a slight increase from 598.43 billion rupiah in the same quarter last year. The second quarter achievement was 87 per cent higher than what the bank booked in the first quarter of 2017.