Prudential Financial And BSN Complete Purchase Of UAL Shares02 Jan 2014
KUALA LUMPUR - Prudential Financial Inc (PFI) and Bank Simpanan Nasional (BSN) have completed their purchase of 100% of Uni.Asia Life Assurance Bhd’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 transaction terms, PICA and BSN paid a total of RM518mil for the UAL shares. PFI’s ownership is through a subsidiary, The Prudential Insurance Company of America (PICA), which holds 70% of the UAL shares, while BSN holds the remaining 30%.
With the agreement, UAL will have the opportunity to develop customised solutions for BSN customers and develop an integrated bancassurance platform that fully leverages BSN’s distribution network and customer base.
UAL will also continue to sell its products through Pos Malaysia Bhd's 1,000 retail outlets across the country.
Jan van den Berg, president of PFI 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” – Bernama.