Prudential Financial and Malaysia-based Bank Simpanan Nasional (BSN) have purchased Uni.Asia Life Assurance (UAL) Berhad’s issued and paid-up ordinary share capital from Uni.Asia Capital for MYR518m ($157m).
While Prudential Financial owns 70% of UAL shares through its subsidiary, The Prudential Insurance Company of America (PICA), BSN holds the remaining 30% stake.
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The acquisition will allow UAL to develop customised solutions including bancassurance platform for BSN’s distribution network and consumer base. UAL will continue to sell its products through Pos Malaysia Berhad, the provider of mail services in Malaysia.
Prudential Financial Asia region (excluding Japan) president Jan van den Berg said they are pleased to enter Malaysia with BSN, Malaysia’s premier savings institution with a strong bancassurance distribution channel throughout the nation, as their partner.
"We look forward to working with them to develop more needs-based solutions that help drive greater insurance penetration across BSN’s customer base and transform BSN into one of Malaysia’s leading conventional bancassurance providers," van den Berg added.
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