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Kuala Lumpur, 18 April 2000
- Standard Chartered is the first international bank in Malaysia to offer
Bancassurance when it entered into a strategic alliance with Prudential
Malaysia for the sale of life assurance products to its consumer banking
customers. This is also a first Bancassurance alliance with a bank for
Prudential in Malaysia. The launch follows closely on the heels of similar
successful alliances between Standard Chartered and Prudential in Hong
Kong and Singapore.
Commenting on the alliance, Michael Hague,
Chief Executive Officer of Standard Chartered Bank Malaysia Berhad said,
"This is an exciting opportunity for Standard Chartered to broaden
the core range of products we provide to our customers. We are now the
first international bank in Malaysia to develop a Bancassurance operation,
which allows us to participate in the future growth of the country's long
term savings market by offering a broader range of financial product". "This alliance is part of the larger wealth
management concept that Standard Chartered has created specifically for
its customers. Our Bancassurance proposition enhances other wealth management
products like, the Higher Education Fund (HEF), HomeSave© and the Retirement
Fund. Soon, a similar agreement for general insurance products will be
signed between Standard Chartered and CGU Insurance Berhad to offer our
customers an even more comprehensive range of personal and asset protection
products," added Mr. Hague.
The Bancassurance alliance will position
Standard Chartered as a total financial solution provider with complete
wealth management services and products offered in alliance with one of
the world's leading life insurers, Prudential.
Ng Keng Hooi, Chief Executive Officer of
Prudential said "I am delighted that Prudential will be working with
Standard Chartered in this area. Prudential has been very successful distributing
long-term savings and protection products to the Malaysian market. We
are confident of achieving even greater success in this new Bancassurance
venture, which will complement our existing agency force. This partnership
immediately creates opportunity for Prudential to reach a large new group
of customers offering more choices and greater flexibility on how they
buy financial products. "
He said, "30 Prudential Financial Services
Consultants will be located at selected Standard Chartered's branches
nationwide. All our consultants have undergone comprehensive training
so that they can provide expert advice to Standard Chartered's customers
on their financial and protection needs."
Prudential consultants at the Standard Chartered
branches will be able to advise customers on all products offered by the
company. The products offered range from traditional whole life, endowment
and term, as well as the new and highly successful investment-linked assurance
product.
The Bancassurance alliance combines the strengths
of two large corporations, both founded in the UK with long histories
of offering financial products and services attuned to the needs of their
customers.
This new venture will draw on the expertise
of both parties. In particular, Standard Chartered will use its established
distribution capabilities to complement the life insurance product design,
administration and technical support capabilities of Prudential.
Standard Chartered and Prudential will work
together to identify market opportunities and to promote the sale of tailored
insurance policies to Standard Chartered's consumer banking customers.
The rollout from today till middle of this
year will enable Standard Chartered's customers to purchase Bancassurance
products from selected branches across Malaysia.
For further information, please contact :
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