Siam Commercial Bank and Prudential Thailand announce unit-linked bancassurance partnership

Jan 10, 2018 16:30 JST

Source: SCB

BANGKOK, Jan 10, 2018 - (Media OutReach) - Siam Commercial Bank Public Company Limited ("SCB"), a leading bank in Thailand, and Prudential Life Assurance (Thailand) Public Company Limited ("Prudential Thailand"), a subsidiary of UK-based Prudential plc, have agreed to establish a bancassurance partnership to jointly develop and provide insurance solutions for SCB's wealth segment customers.

Both companies have a long history of providing Thai people with innovative financial products that meet their evolving needs. The partnership, which will be effective from 1 February 2018, will provide SCB's customers with access to Prudential Thailand's world class range of unit-linked products through the bank's licensed financial advisers.

SCB and Prudential Thailand will initially offer three-unit linked products with both Regular and Single Premium options[1], to serve the protection, savings and investment needs of the Bank's wealth segment customers.

Ms. Salisa Hanpanich, Executive Vice President of First Division and Segment Management Division for Siam Commercial Bank, said "The alliance with Prudential Thailand supports our strategy to provide our customers with best-in-class unit-linked life insurance products, which are perfectly fit to serve the financial and investment needs of customers in the fast-growing wealth segment, as customers in this segment are looking for investment products that provide them with an opportunity to get higher returns than deposit ones, and at the same time get protection for the peace of mind of their families. We expect that, through Prudential's unit-linked products combined with strong team of sales, training and customer service support, we can achieve our ambition."

Aman Chowla, Chief Executive officer of Prudential Thailand, said, "We are proud to partner with Siam Commercial Bank, the longest established bank and one of the most successful banks in Thailand. Bancassurance is an integral part of our multi-distribution strategy to reach and serve Thai customers. This partnership with SCB enables us to leverage our expertise in unit-linked products to provide innovative and need-based solutions to SCB's wealth segment customers. Thailand is one of the largest insurance markets in South East Asia with low insurance penetration, a growing and increasingly prosperous population with significant insurance and savings needs. This partnership will give us further opportunity to reduce the insurance gap in what is an important market for Prudential in Asia."

[1] The three unit-linked products to be offered to SCB customers are SCB Private Link (Single Premium), SCB Protection Link (Regular Premium) and SCB Prestige Link (Regular Premium).

About Siam Commercial Bank Public Company Limited

Siam Commercial Bank PCL is one of Thailand's leading universal banks. Established by Royal Charter in 1906 as the first Thai bank, SCB has the second highest market capitalization among Thai financial institutions as of the end of September 2017 (Baht 529 billion). Its network of branches and service points offers nationwide coverage (1,171 branches, 103 foreign exchange kiosks, and 9,683 ATM machines) providing services that meet the demands of all customer groups, including corporate, SME and retail customers, with total assets of Baht 2,948 billion. More information is available from the website www.scb.co.th.

About Prudential Life Assurance (Thailand) Public Company Limited

Prudential Life Assurance (Thailand) opened its door for business in Thailand in 1995, as a joint investment between the Prudential Group and Thai Sethakij Life Assurance or TSLife and changed its name to Prudential Life Assurance (Thailand) Public Company Limited in 2007. Prudential Thailand has a robust multi-channel distribution platform providing a comprehensive range of savings, investment and protection products to meet the diverse needs of Thai families.

Media Contact:
Waruchon Manomairat (Yim) or Pattarin Wattanakasaem (Ploy)
STAR PR Co., Ltd (On behalf of Prudential Thailand)
Tel: 081 854 9946
Email: yim@starpr.co.th or ploy@starpr.co.th

Siam Commercial Bank Public Company Limited
Piyaporn Thipsoonthornsak
Tel. 0 2544 6995 Email. Piyaporn.thipsoonthornsak@scb.co.th
Pichamon Ketupama
Tel. 0 2544 1902 Email. Pichamon.ketupama@scb.co.th

Prudential Life Assurance (Thailand) Public Company Limited
Kanlayanee Vajarobol
Tel. 0 2352 8040 Email. Kanlayanee.Vajarobol@prudential.co.th
Phanida Charoenphol
Tel. 0 2352 8573 Email. Phanida.Charoenphol@prudential.co.th

Source: SCB