Prudential buys exclusive rights to sell insurance via Thai bank

British insurer strikes $750m deal with Hong Kong-based FWD to expand Asian footprint

20200319 prudential FWD

British insurer Prudential has reached an exclusive deal, worth 24.5 billion baht ($750 million), to sell life insurance products through TMB Bank, Thailand's sixth largest lender. (Source photos by Reuters)

MASAYUKI YUDA, Nikkei staff writer

BANGKOK -- British insurer Prudential said it has reached an exclusive deal to sell life insurance products through TMB Bank, Thailand's sixth largest lender.

The 24.5-billion-baht ($750 million) deal was signed between Prudential and Hong Kong's FWD Group Financial Services. The British insurer will pay 12 billion baht by April, and the remainder on Jan. 1, 2021.

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