Prudential Financial enters Malaysian market

MANILA, Philippines - Prudential Financial Inc. (PFI) and Bank Simpanan Nacional (BSN) has entered into a joint venture bancassurance agreement in Malaysia. PFI, through its subsidiary The Prudential Insurance Co. of America (PICA), controls 70-percent of the joint venture while BSN holds the remaining 30 percent equity. The JV opens the Southeast Asian country to PICA insurance products through BSN’s 398 branches and eight million customer base. The bank operates 999 automated teller machines (ATMs) aside from 317 cash deposit machines (CDM) and 5,000 registered banking agents. PFI and its subsidiaries are not affiliated with UK-based financial institution Prudential Plc. But it is represented in the US through Pramerica Financial.