SCBT and Prudential strike 15-year partnership deal

This is part of a larger agreement between Prudential plc and Standard Chartered Plc to expand the term of their strategic alliance which covers sales distribution through their bancassurance network throughout Asia. The pan-regional agreement, which commenced on July 1 covers 11 countries, including Thailand. 

SCBT has no insurance business arm in Thailand, while Prudential has no shareholding link with any Thai bank. Most local insurance companies have boosted businesses by selling products through their parent banks' networks.

"“Under the terms of agreement, Standard Chartered Bank will distribute a wide range of Prudential’s life insurance products through our international network of branches across 42 cities in Asia-Pacific, including 26 branches in Thailand.  We remain committed to offering innovative products and services to cater to our customers’ diverse financial needs and are confident the alliance with Prudential Life Assurance (Thailand) will further enhance our bancassurance competitiveness," said Ramakrishnan Subramanian, Senior Executive Vice President, Retail Clients, Standard Chartered Bank (Thai).

With this agreement, Prudential’s life insurance products will be exclusively distributed through Standard Chartered Bank’s branches in nine countries, namely, Hong Kong, Singapore, Indonesia, Malaysia, the Philippines, Vietnam, India, Taiwan and Thailand. In China and South Korea, the bank will distribute Prudential’s products on a preferred basis.

"Since the start of the agreement in 1998, both parties have together developed the partnership into one of the most successful bancassurance business in the country. The extension of the agreement will certainly provide us with a seamless platform to offer high quality insurance products and financial solutions to our customers," said Binayak Dutta, Chief Executive Officer of Prudential Life Assurance (Thailand).