Prudential Plc to sell 100% of Vietnam consumer finance business
Global insurer Prudential plc has introduced it would sell 100% of its consumer finance business in Vietnam to Shinhan Card, a subsidiary of Korean agency Shinhan Financial Group. The deal is value US$151 million and stays topic to regulatory approvals.
The unit, Prudential Vietnam Finance Company (PVFC), is at present the nation’s fourth largest agency of its kind by excellent mortgage steadiness, in accordance to the insurer. However, Prudential Asia CEO Nic Nicandrou outlined that the unit will not be core to the insurer’s Vietnam technique. Shinhan Card, in the meantime, is the most important bank card firm in Korea. Its father or mother agency has had a presence in Vietnam since 1993, and can be one of the most important monetary establishments by market capitalisation in South Korea.
PVFC was launched in 2006 as the primary overseas, non-bank monetary establishment licensed for consumer finance lending in Vietnam. Despite the sale, Prudential mentioned it nonetheless stays dedicated to the Vietnamese market by way of its life insurance coverage business, Prudential Vietnam Assurance, and asset administration business, Eastspring Investments.
“As part of this transaction, we are further expanding our regional platform through the new long-term bancassurance partnership with Shinhan in both Vietnam and Indonesia to continue serving the growing savings and protection needs of the Asian population,” mentioned Nicandrou.
Prudential and SCB associate to attain high-net-worth phase
Vietnam probing abuse of medical insurance system