Bangkok Bank and AIA Announce Long-Term Bancassurance Partnership

Stocks and Financial Services Press Releases Thursday October 12, 2017 17:38
Bangkok--12 Oct--Bangkok Bank

Bangkok Bank Public Company Limited (stock code: [BBL]), Thailand's largest bank in terms of assets and AIA Group Limited ("AIA"; stock code: [1299.HK]), the largest independent publicly listed pan-Asian life insurance group, have entered into a major 15-year distribution agreement for a strategic bancassurance partnership. The agreement will enable Bangkok Bank to offer AIA's broad range of life insurance products to its customers in Thailand throughout its extensive nationwide network of branches and other distribution points.

Under the terms of the agreement, Bangkok Bank will distribute AIA's broad range of best-in-class life insurance products to its millions of customers, one of the largest retail banking customer bases in Thailand. The partnership involves all of Bangkok Bank's distribution channels throughout the country, including its nationwide network of around 1,200 branches, and self-service outlets.

Chartsiri Sophonpanich, President of Bangkok Bank, said, "Our customers are seeking a range of different insurance products and services to help them build their wealth, save for the future, and protect their families. We will use our joint expertise to help Bangkok Bank's customers find the best financial solutions for every stage of their lives. Through this collaboration, we will be able to offer a broader range of insurance and savings products and services to meet our customers' needs."

AIA is a market leading life insurer in the Asia Pacific region (ex-Japan) with a strong track record of providing high quality products and services to bank customers. Leveraging its regional bancassurance capabilities and life insurance product expertise in Thailand, AIA will support Bangkok Bank with investments in best-in-class technology and training to provide protection and long-term savings life insurance solutions to Bangkok Bank's customers.

Ng Keng Hooi, Group Chief Executive and President of AIA, said, "Our partnership with Bangkok Bank brings together two of the most recognised and well-established financial institutions in Thailand. We are proud of our long-standing commitment to the people of Thailand and are very pleased to be able to support Bangkok Bank in providing their customers with the protection and long-term savings solutions that they need. AIA is committed to the socioeconomic development of the markets in which we operate, and we are confident that our partnership with Bangkok Bank will deliver strong value for our customers, employees and shareholders over the long-term."

Tan Hak Leh, Chief Executive Officer of AIA Thailand, said, "We are extremely excited at the prospect of working with Bangkok Bank to deliver best-in-class life insurance products to the bank's growing customer base. The agreement significantly enhances AIA Thailand's bancassurance platform alongside our long-established and market-leading agency channel, and will enable AIA to help even more people in Thailand live longer, healthier, better lives."

Bangkok Bank's management believes that the agreement with AIA will allow it to meaningfully increase the levels of financial awareness and insurance penetration across its customer base and support significant and sustainable growth for both parties.

Bangkok Life Assurance will continue to offer certain credit life and endowment products to Bangkok Bank's customers.
Bangkok Bank was advised by Citigroup Global Markets Asia and AIA was advised by Evercore Partners International LLP on the agreement.

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