Standard Chartered PLC and Prudential plc agree to extend and expand their strategic bancassurance partnership
Standard Chartered PLC ("Standard Chartered" or the "Group") and Prudential plc ("Prudential") are pleased to announce they have entered into a new agreement expanding the term and geographic scope of their strategic pan-Asian bancassurance partnership.
The new 15 year agreement, which covers 11 markets and will commence on 1 July 2014, deepens a relationship that was first established in 1998, and has become the most successful and enduring pan-regional bancassurance partnership in Asia.
Under the terms of the new agreement, a wide range of Prudential's life insurance products will be exclusively distributed through Standard Chartered branches in 9 markets - Hong Kong, Singapore, Indonesia, Thailand, Malaysia, the Philippines, Vietnam, India and Taiwan - subject to applicable regulations in each country. In China and South Korea, Standard Chartered will distribute Prudential's life insurance products on a preferred basis.
As part of the intent to deepen the strategic bancassurance partnership further, Prudential and Standard Chartered have also agreed to explore additional opportunities to collaborate, in due course, elsewhere in Asia and in Africa, subject to existing exclusivity arrangements and regulatory restrictions. This reflects both Prudential's desire to expand its presence in emerging markets and Standard Chartered's strategic aspiration "To bank the people and companies driving investment, trade and the creation of wealth across Asia, Africa and the Middle East."
Peter Sands, CEO of Standard Chartered, said "Our aspiration is to be recognised as a leader in growing and protecting our clients' wealth, with a specific aim to double our AUM to $300 billion by 2020. The extension of the agreement with Prudential, both in terms of duration and geographical reach is reflective of the highly successful partnership developed between the two organisations over 15 years. Our clients will have access to a wide range of Prudential's market leading savings and protection products, tailored to meet their diverse financial needs. This agreement highlights the value inherent in our powerful distribution capability across some of the fastest growing markets in the world. We are excited by the future prospects for the relationship."
Tidjane Thiam, Group Chief Executive, Prudential plc, said: "Our partnership with Standard Chartered has delivered substantial benefits to both companies' customers and shareholders over the last 15 years. Standard Chartered is one of the strongest, most respected and largest emerging markets banks in the world and we are proud to be its partner. The results we have achieved in Asia speak for themselves. The business we have built together has achieved significant growth, delivering compound annual sales growth of 19 per cent over the last decade. Our teams know and respect each other, and work well together. That is why we are confident that we will continue to provide valuable products and services to millions of consumers across Asia, generating significant value for our shareholders in doing so. We are also excited by the prospect of bringing the skills of both organisations to other fast-growing emerging markets, where demand for savings and protection is very strong."
- Ends -
For further information please contact:
James Hopkinson, Head of Investor Relations +44 (0)20 7885 7151
Jon Tracey, Head of Media Relations +44 (0)20 7885 7613
Standard Chartered
Standard Chartered is a leading international banking group, with more than 86,000 employees and a 150-year history in some of the world's most dynamic markets. We bank the people and companies driving investment, trade and the creation of wealth across Asia, Africa and the Middle East, where we earn around 90 per cent of our income and profits. Our heritage and values are expressed in our brand promise, Here for good.
Standard Chartered PLC is listed on the London and Hong Kong Stock Exchanges as well as the Bombay and National Stock Exchanges in India.
For more information please visit www.sc.com. Hear from Standard Chartered's experts and comment on our blog at ourviews.sc.com. Follow Standard Chartered on Twitter, LinkedIn and Facebook.
Prudential
Prudential plc is incorporated in England and Wales, and its affiliated companies constitute one of the world's leading financial services groups. It provides insurance and financial services through its subsidiaries and affiliates throughout the world. It has been in existence for over 165 years and has £443 billion in assets under management (as at 31 December 2013). Prudential plc is not affiliated in any manner with Prudential Financial, Inc. a company whose principal place of business is in the United States of America.
Forward-Looking Statements
It is possible that this document could or may contain forward-looking statements that are based on current expectations or beliefs, as well as assumptions about future events. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward looking statements often use words such as anticipate, target, expect, estimate, intend, plan, goal, believe, will, may, should, would, could or other words of similar meaning. Undue reliance should not be placed on any such statements because, by their very nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause actual results, and the Group's plans and objectives, to differ materially from those expressed or implied in the forward-looking statements.
There are several factors which could cause actual results to differ materially from those expressed or implied in forward looking statements. Among the factors that could cause actual results to differ materially from those described in the forward looking statements are changes in the global, political, economic, business, competitive, market and regulatory forces, future exchange and interest rates, changes in tax rates and future business combinations or dispositions.
The Group undertakes no obligation to revise or update any forward looking statement contained within this document, regardless of whether those statements are affected as a result of new information, future events or otherwise.
