In the first phase, the two partners will provide life insurance for mortgage loans and collateralized and non-collateralized loans. Prudential will pay off the remainder of the loan in case of accidental death or permanent and total disablement of the customers. The product is made available across the Bank’s network nationwide (nearly 100 branches and transaction offices).

In the year to come, Prudential plans to send its consultants to MB branches to advise customers of its various insurance products suitable to their needs. Besides, the two partners are looking into business opportunities of mutual interest.

Mr. Le Van Be, Vice Chairman cum CEO of the Bank, said “In the past 15 years, MB has continuously made its best efforts to diversify products in order to maximize customers’ benefits, which resulted in a variety of innovative products. MB’s ActivePlus Debit Card is one of the very first debit cards in Vietnam to provide card holders with personal safety insurance free of charge during the first year of using relative card with maximum liability of VND 10 million. Moreover, by launching life insurance for mortgage loans and collateralized and non-collateralized loan, we believe it would make a further step in satisfying customers’ needs”.

Mr Jack Howell, CEO, Prudential Vietnam, emphasized, “Though bancassuance is relatively new to Vietnam consumers, we can see a lot of potentials in the market. Thus, we strongly believe our cooperation shall enhance customer service quality and meet customers’ diversified financial needs. We both hope this is a good start for a sound and long-lasting cooperation in a mutual view of providing Vietnamese customers with better financial services”.