Prudential Vietnam and Vietnam International Bank (VIB) launch landmark 15-strategic partnership deal

HCMC, 10 Dec 2015, Vietnam International Bank (VIB) and Prudential Vietnam (Prudential) officially sign a ground-breaking, farsighted strategic partnership for two of the strongest brands in Vietnam financial services to join forces for Bancassurance distribution. The deal was the first of its kind in Vietnam over this timeframe and was structured on the lines of similar deals in Europe and the USA between major international banks and multinational life assurance organisations.  With a contract term of 15 years this is the longest and most significant cooperation agreement ever launched in Vietnam setting a new benchmark in the industry.

Prudential and VIB sign a 15-year strategic partnership agreement

VIB will be an exclusive distributor of all Prudential life insurance products cross selling to new and existing customers through one-door financial service throughout the bank’s innovative distribution channels including branches, direct sales, telesales and digital channels.

The two parties will focus on existing and new tailor made products that best suit VIB’s existing customers and the general Vietnamese public, including investment-linked insurance product featuring of accumulation, protection and investment. Additionally, customers will enjoy significant benefits from value-added services such as home health check, preferential fees when making payments online or by card, and other special services offered by partners of both parties thanks to an extensive nationwide network of partners.

Mr. Wilf Blackburn, CEO of Prudential Vietnam said: “Prudential Vietnam is a life insurance provider that has led the market for 11 consecutive years. We have an extensive network of agents partnering with local and multi-national banks. We are delighted to welcome VIB to be an exclusive strategic distributor of all Prudential life insurance products. The signed agreement means not only to cooperate in cross-selling products but also to build up a standard bancassurance business model, helping provide customers with the highest convenience and satisfaction to both parties’ products and services”.

Mr. Han Ngoc Vu, CEO of VIB said: “The signing of strategic partnership agreement between VIB and Prudential is an important milestone that helps us not only optimise customers’ life but also best protect them financially. By taking advantage of both parties’ brand reputation and outstanding services, we expect to make VIB-Prudential bancassurance cooperation model one of the fastest growing models in the market.”

Prudential is a market leader in life insurance while VIB is the only local bank with the highest credit rating in the market upgraded to “positive” in September 2015. VIB was also recently named as Vietnam “Bank of the Year” by the prestigious FT Banker publication. These prestigious awards and positive rating from the international institutions combined with our bank’s reputation will also help to better promote both parties’ brands and products to customers in the market.