FI giants extend Asia alliance
(27 April 2012 – Philippines) Two United Kingdom-based financial service giants have announced the extension of their successful regional alliance to the Philippine’s.
Standard Chartered Philippines and Life Insurer, Pru Life UK, have announced the establishment of Assurance Solutions Insurance Agency (ASIA), which will see Pru Life products sold to Standard Chartered Bank clients.
ASIA will be a wholly owned subsidiary of Standard Chartered Bank that will be managed separately from the bank’s operations. ASIA was registered with the Securities and Exchange Commission earlier this year.
The deal is in addition to the existing Asian partnership of United Kingdom -based Prudential Plc, the parent firm of Pru Life UK, and Standard Chartered Plc that began in 1998.
Standard Chartered Bank Philippines CEO Mahendra Gursahani , told BusinessWorld, that they looked at a variety of options on how they could execute and extend the regional partnership of Standard Chartered Bank and Prudential Corporation Asia (PCA) in the Philippines and ended up with a structure wherein Standard Chartered Bank will set up ASIA and exclusively sell Pru Life products.
The Philippines is the 11th country where PCA and Standard Chartered Bank have extended their regional partnership. Previous arrangements were in Hong Kong (1998), Malaysia and Singapore (1999), Taiwan (2001), Thailand (2002), India and Korea (2005), China (2007), Indonesia and Vietnam (2009).
"We want to provide our clients with a wide range of products from transactional banking, investment banking and now to providing them protection products through ASIA," Mr. Gursahani said.
ASIA will be a wholly owned subsidiary of Standard Chartered Bank that will be managed separately from the bank’s operations. ASIA was registered with the Securities and Exchange Commission earlier this year.
The deal is in addition to the existing Asian partnership of United Kingdom -based Prudential Plc, the parent firm of Pru Life UK, and Standard Chartered Plc that began in 1998.
Standard Chartered Bank Philippines CEO Mahendra Gursahani , told BusinessWorld, that they looked at a variety of options on how they could execute and extend the regional partnership of Standard Chartered Bank and Prudential Corporation Asia (PCA) in the Philippines and ended up with a structure wherein Standard Chartered Bank will set up ASIA and exclusively sell Pru Life products.
The Philippines is the 11th country where PCA and Standard Chartered Bank have extended their regional partnership. Previous arrangements were in Hong Kong (1998), Malaysia and Singapore (1999), Taiwan (2001), Thailand (2002), India and Korea (2005), China (2007), Indonesia and Vietnam (2009).
"We want to provide our clients with a wide range of products from transactional banking, investment banking and now to providing them protection products through ASIA," Mr. Gursahani said.
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