Prudential Vietnam and SeABank form bancassurance partnership

Prudential Vietnam and Southeast Asia Commercial Joint Stock Bank (SeABank) have partnered for a 20-year term, which is to be effective from April 2020. The exclusive bancassurance partnership will offer a comprehensive range of customer-centric life insurance solutions, which would be delivered via a suite of digital tools.

Serving over 1.5 million customers, Prudential Vietnam is the subsidiary of its UK headquartered global financial group Prudential. The company will also become the preferred life insurance provider to BRG Group, a conglomerate in Vietnam with approximately 10 million customers.

Nic Nicandrou, Chief Executive of Prudential Corporation Asia said, “Vietnam is an important market for Prudential with a compelling long-term growth outlook. Our partnership with SeABank is fully aligned with our mission of helping individuals and families in Vietnam build better lives and a financially secure future and we are excited by its growth prospects.”

Clive Baker, Chief Executive Officer of Prudential Vietnam said, “Bancassurance has been a key driver of our recent growth in the country and we are delighted to partner with SeABank. The combination of SeABank’s rapidly growing customer base and our proven distribution expertise will deliver a leading bancassurance franchise in Vietnam. We will continue to invest in our partnership network, alongside our well-established and successful agency force.”

SeABank is a joint stock commercial bank based in Hanoi with approximately 1.2 million customers. The bank is one of the leading groups of Vietnam’s largest joint stock commercial banks in terms of capital size, network operations, brand awareness, and steady growth.

Le Thu Thuy, Chief Executive Officer of SeABank said, “This partnership enables us to offer our growing customer base access to Prudential Vietnam’s market-leading and innovative product suite. It is a clear demonstration of our commitment to fulfilling the evolving savings and protection needs of our customers and we look forward to collaborating closely with Prudential Vietnam to deliver a superior customer experience.”

Earlier in December, SeABank launched its SeA-Easy card which will offer customers incentives for online shopping. Supplementary to the card designed specifically for those preferring to shop online, the bank is issuing a variety of credit cards and co-branded cards to facilitate ease in payments for the customer.