Prudential Vietnam and PVcomBank sign exclusive long-term partnership
Prudential Vietnam and Hanoi-based commercial lender Vietnam Public Joint Stock Commercial Bank – PVcomBank – have just signed a long-term strategic partnership to exclusively distribute Prudential Vietnam’s life insurance and wealth solutions to customers of PVcomBank.
This agreement aims to extend and enhance their highly successful partnership, which debuted in 2015.
Under this exclusive agreement, Prudential Vietnam – a member of Prudential Plc., a leading global financial group headquartered in the UK – will offer its comprehensive financial protection and wealth management solutions through PVcomBank’s extensive network of 117 branches, giving consumers greater access to insurance and wealth management that fits their needs.
2018 marked a successful year for the co-operation between Prudential and PVcomBank, with revenue growth jumping by eight times against 2017.
“Recognising the growing need across Vietnam for comprehensive insurance and wealth solutions, Prudential Vietnam has extended its alliance with PVcomBank to provide consumers with best-in-class offerings that help them protect their families and their health, as well as grow their wealth. Our solutions will leverage the latest innovations and digital technology to support consumers as they progress in life,” said Clive Baker, CEO of Prudential Vietnam.
Nguyen Viet Ha, deputy CEO of PVcomBank, said, “We believe our exclusive network and large customer base will help sustain the success that our partnership has enjoyed since 2015. The modern and innovative solutions provided by Prudential Vietnam enhance and diversify PVcomBank’s offerings to help meet the modern demands for financial services.”
Prudential Vietnam, in the long-term partnership with PVcomBank, again emphasises its pioneering in this business model. Till now, Prudential Vietnam has partnered with six banks, including both regional and local entities. The new business revenue of bancassurance channel in 2018 increased more than 150 per cent against 2017.
According to research by the World Bank, Vietnam’s middle class has been expanding rapidly, adding 1.5 million people each year. Entering the middle class is typically the trigger for individuals to consider protecting both their wealth and health. Fuelled by solid economic growth, demand for wealth savings and investment products is also on the rise.