KUALA LUMPUR & NEWARK, N.J.--(BUSINESS WIRE)-- Prudential Financial, Inc. (“PFI”), which does business as Pramerica in selected countries outside the U.S., and Bank Simpanan Nasional (“BSN”) today announced they have completed their purchase of 100 percent of Uni.Asia Life Assurance Berhad’s (“UAL”) issued and paid-up ordinary share capital (“UAL Shares”) from Uni.Asia Capital Sdn Bhd (“UAC”) through a newly formed joint venture. Under the previously announced transaction terms, PICA and BSN paid a total cash consideration of Malaysian Ringgit (RM) 518 million (approximately $160 million) for the UAL Shares. PFI’s ownership is through a subsidiary, The Prudential Insurance Company of America (“PICA”), which holds 70 percent of the UAL Shares, while BSN holds the remaining 30 percent.
With the closing of the agreement, UAL will have the opportunity to develop customized solutions for BSN's customers and develop a more integrated bancassurance platform that fully leverages BSN’s distribution network and customer base. UAL will also continue to sell its products through Pos Malaysia Berhad (“POS Malaysia”), the exclusive provider of mail services in Malaysia, through its 1,000 retail outlets across the country.
Jan van den Berg, president of PFI’s Asia region (excluding Japan), said, “We are pleased to enter Malaysia with BSN, Malaysia’s premier savings institution with a strong bancassurance distribution channel throughout the nation, as our partner. We look forward to working with them to develop more needs-based solutions that help drive greater insurance penetration across BSN’s customer base and transform BSN into one of Malaysia’s leading conventional bancassurance providers.”
“This partnership complements BSN’s mission to help people across Malaysia improve their financial security,” said Datuk Adinan Maning, Chief Executive Officer of BSN. “We look forward to working with our new partners at PFI to help BSN broaden its range of products and deliver even more value to customers across Malaysia.”
About Prudential Financial, Inc. (PFI)
PFI is a financial services leader with more than $1 trillion of assets under management as of September 30, 2013, and operations in the United States, Asia, Europe and Latin America. Leveraging its heritage of life insurance and asset management expertise, PFI is focused on helping individual and institutional customers grow and protect their wealth. In the U.S., the company’s Rock symbol is an icon of strength, stability, expertise and innovation that has stood the test of time. PFI's businesses offer a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, and investment management. PFI and its subsidiaries, including PICA, are not affiliated in any manner with Prudential plc, a company incorporated in the United Kingdom.
Pramerica is a trade name used by PFI and its affiliates in selected countries outside the United States. For more information about PFI, please visit http://www.pramericafinancial.com.
About Bank Simpanan Nasional (BSN)
BSN, a statutory body under the Ministry of Finance, was established on December 1, 1974. Since its inception, all the duties and responsibilities under the Post Office Savings Bank were taken over by BSN. The bank’s mission is to encourage savings, investment and smart
financial management among Malaysians to improve the well-being and quality of life. BSN has
more than 6,700 employees, 398 branches, 999 automated teller machines (ATMs), 317 cash deposit machines (CDM) across the country and more than 5,000 Registered Banking Agents (Ejen Bank Berdaftar ) or EBB BSN across the country. BSN has over 8 million customers across Malaysia with retail deposits amounting to RM 12 billion. (as of October 2013)
BSN has undertaken major initiatives through the process of transformation to ensure it remains competitive. It will continue to improve services and expand its range of products to customers. BSN’s products include Personal Loans, Home Loans, Micro Finance Loans, Premium Saving Certificates, Islamic Banking Scheme, Giro Savings Accounts, BSN Visa Debit/-i Card with Visa payWave, VISA and MasterCard credit cards. BSN also provides financial planning services that include medical, insurance and will writing. For more information about BSN, visit the website at www.mybsn.com.my.
Source: Prudential Financial, Inc.