Launch of New Operation in Vietnam

Prudential PLC 17 November 1999 Prudential launches new operation in Vietnam First UK insurance company to be granted licence Prudential plc announced today the launch of a new operation in Vietnam and the opening of offices in Hanoi and Ho Chi Minh City. Prudential was awarded an operating licence on 29 October 1999 --- the first UK company to be granted a life insurance licence in Vietnam. Attending the launch ceremony in Hanoi, Sir Martin Jacomb, Chairman of Prudential plc said: 'We are confident of Vietnam's long-term growth potential and we intend to play a significant part in helping to meet the savings, protection and retirement needs of the people of Vietnam.' With the setting up of our operation in Vietnam, we intend to build a local team of more than one thousand in the near future. As part of our commitment to the country, we will be investing over US$14 million in capital over the next two years.' Prudential established its first representative office in Hanoi in 1995, followed by Ho Chi Minh City two years later. Over the years, Prudential has actively supported a number of educational and cultural initiatives in Vietnam. Mark Tucker, Chief Executive of Prudential Corporation Asia, said, 'At Prudential, we understand well the value of experience and dedication, having provided for the needs of millions of customers around the world for over 150 years. Prudential's roots in Asia are deep and we have great faith and confidence in the region's long term potential. Vietnam is an important market for us and as the UK's largest life insurer, we are pleased to extend our long tradition in the pensions and investment market to Vietnam.' For more information contact: Media Jeremy Reynolds 0171 548 3721 Kevin Russell 0171 548 3723 Analysts Carys Walshe 0171 548 3823 NOTES TO EDITORS 1. Prudential first established its presence in Asia back in 1923. Today, Prudential is the UK's largest life insurance company in Asia with offices in ten countries/areas and a network of over 19,000 agents and staff. The operating licence in Vietnam is the latest addition to Prudential's significant Asian portfolio, which already includes Hong Kong, Singapore, Malaysia, the Philippines, Thailand, India, Indonesia, Mainland China and Taiwan.

Companies

Prudential (PRU)
UK 100

Latest directors dealings