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United Overseas Bank, Prudential renew bancassurance pact

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United Overseas Bank, Prudential renew bancassurance pact

Singapore's United Overseas Bank Ltd. and U.K.-based Prudential PLC agreed to renew their bancassurance agreement in Asia-Pacific for 15 years.

The new agreement expands the geographical scope to include a fifth market, Vietnam, alongside Singapore, Malaysia, Thailand and Indonesia. Under the agreement, UOB will offer Prudential's life insurance products to its consumer banking customers in the five markets.

Prudential will pay UOB a fee of S$1.15 billion over the period of the bancassurance agreement.

The new agreement extends the companies' original bancassurance agreement, which commenced in 2010, to 2034.

As of Jan. 9, US$1 was equivalent to S$1.35.