AIA Group and Public Bank Berhad, the third largest banking group in Malaysia by asset size, announced a 15-year extension to their existing exclusive regional bancassurance agreement that extends the partnership to 2037.
This new agreement will enable Public Bank to provide its customers with a broadened range of high-quality life insurance protection and long-term savings solutions from AIA.
Over the next 20 years AIA and Public Bank will work together to increase the penetration of life and health insurance across Public Bank’s more than 9 million customers.
Drawing on AIA’s best-in-class distribution and established expertise in training and technology, the partners aim to create the premier bancassurance partnership in Malaysia to better meet the long-term savings and protection needs of more Malaysians than ever before.
Ng Keng Hooi, AIA’s Group Chief Executive and President, said: “The extension of our long-term partnership with Public Bank presents a tremendous opportunity for AIA to continue our successful work with our highly-valued partner. The agreement is aligned with our bancassurance strategy of partnering with leading financial institutions to broaden our distribution capabilities across the region, and it is the most recent in a succession of major new partnerships that AIA has entered into this year. We expect the strengthening of our long-term partnership with Public Bank to deliver strong value for AIA’s customers and shareholders over the next 20 years.”
Tan Sri Dato' Sri Tay Ah Lek, Managing Director / Chief Executive Officer, Public Bank, said: “Public Bank is excited to be extending our partnership with AIA. This new agreement reflects the success that we have delivered in partnership with AIA and will see us further deepening our collaboration as we take our bancassurance business to the next level, not only in Malaysia but in the markets where Public Bank has a presence across the Asia-Pacific region. In our pursuit to continuously look for ways to enrich the lives of our customers, we are delighted to have AIA on this journey with us as we leverage on each other’s strengths, capabilities and best practices to help our customers meet their savings and protection needs now and well into the future.”
About Public Bank
The Public Bank Group has an extensive network of 259 banking branches spread across Malaysia, and its business has expanded to other countries in the Asian region with more than 120 branches spanning Hong Kong, China, Cambodia, Vietnam, Laos and Sri Lanka.
The Public Bank Group is the third largest banking group in Malaysia by asset size, with total assets of MYR394 billion (US$96.5 billion) as at the end of September 2017. Listed on the Main Board of Bursa Malaysia in 1967, Public Bank is the largest non-government-linked corporation in Malaysia by market capitalisation, which stood at RM76.56 billion as at the end of December 2016.
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