Prudential sells Vietnam consumer finance unit to ShinhanJanuary 24 2018 by InsuranceAsia News Staff
Prudential has reached an agreement to sell 100% of its consumer finance business in Vietnam to Shinhan Card for US$151 million.
Prudential Vietnam Finance was launched in 2006 as the first foreign, non-bank financial institution licensed for consumer finance lending in Vietnam. Today it is the fourth-largest consumer finance company by outstanding loan balance.
“[Prudential Vietnam Finance] is a high-quality business but is not core to our strategy in Vietnam,” said Nic Nicandrou, chief executive of Prudential’s Asia business, in a statement.
“Vietnam remains an attractive and important market to Prudential where we have high-quality and fast-growing life insurance and asset management operations.”
Those remaining business in Vietnam are Prudential Vietnam Assurance, the life insurance unit, and Eastspring Investments, the asset management business.
In the same announcement, Prudential said that it had also agreed a new long-term bancassurance partnership in Vietnam and Indonesia with Shinhan Financial, the parent company of Shinhan Card.
- January 11
The agreement extends original alliance that started in 2010 for a fee of US$851m.
- December 31
Petrolimex Insurance Corporation and Woori Bank have signed a bancassurance agreement.
- October 15
Another major bancassurance deal is under review in Asia.
- October 9
Asia CEO Nic Nicandrou is keen to spend some money on acquisitions in the region.