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.
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