Singapore Lender UOB Reviews Non-Life, Life Bancassurance Businesses: Sources

Singapore lender United Overseas Bank Ltd. is reviewing a word business, including an existent partnership with Prudential Plc, after Southeast Asia witnessed a call of remunerative placement deals, people informed with a matter said.

UOB has been soliciting ideas from intensity advisers per a life word tie-up with Prudential, including ways to get some-more value out of a operations, pronounced a people, who asked not to be identified since a information is private. Possibilities embody renewing a agreement with a London-based insurer, that started in 2010, or looking for another partner, a people said.

The Singapore bank is also weighing options for a non-life business, that is run by publicly listed United Overseas Insurance Ltd., according to a people. UOB’s deliberations are during an early stage, and no confidant has been allocated yet, a people said.

Bancassurance deals in Asia have been attractive tip dollar as insurers find entrance to banking networks reaching a region’s flourishing center class. Standard Chartered Plc expects during slightest $1 billion over a 15-year life of a Asia agreement with insurer Allianz SE, people informed with a matter pronounced final year.

Bank for Foreign Trade of Vietnam JSC in Jun was seeking a new placement understanding that could be value as most as $1 billion, Bloomberg News reported during a time.

Representatives for UOB didn’t immediately respond to requests for comment. A Hong Kong-based mouthpiece for Prudential declined to comment.

UOB sole a life word section to Prudential for S$428 million ($310 million) in 2010. At a time, Prudential also entered a 12-year agreement with UOB to sell a life, collision and health word products by a bank’s branches in Singapore, Indonesia and Thailand.

In August, UOB reported second-quarter distinction that kick analysts’ estimates, surging to a record as income from lending and price businesses jumped. Net income climbed 28 percent to S$1.08 billion for a 3 months by June.

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