Prudential Life Assurance Kenya

Prudential and Standard Chartered sign long-term bancassurance partnership


Prudential Life Assurance Kenya, a subsidiary of Prudential plc, has signed a long-term bancassurance partnership with Standard Chartered Bank Kenya.

The partnership will enable Standard Chartered and Prudential to collaborate in developing and distributing best-in-class insurance solutions to customers through the bank’s 38 branches in Kenya.

Matt Lilley, CEO Africa, Prudential plc, said: ”This agreement further deepens a partnership between our two organisations that was first established in 1998 and is the most successful regional bancassurance partnership in Asia. The expansion of this relationship to Africa begins today in Kenya, and we are confident that our two teams will work well together to deliver value to our customers. With a vibrant and dynamic financial services sector as well as a sophisticated customer base, Kenya is the ideal market to inaugurate our partnership in Africa.”

David Idoru, Head of Retail Clients, Standard Chartered Bank Kenya, said: “Kenya’s growing middle class and its projected steady economic growth will see insurance penetration double over the next five years. Insurance is now one of the top five items that middle class Kenyans spend their money on. The partnership will enable us to provide a wider range of insurance options for our clients through our extensive branch network.”

From left to right: Jane Kimemia, Head, Wealth Management, Kenya & East Africa, Standard Chartered; Matt Lilley, CEO Africa, Prudential; David Idoru, Head Retail Clients, Kenya & East Africa, Standard Chartered; Charles Mang’ee, CEO Prudential Life Assurance Kenya

Note to Editors

About Prudential Life Assurance Kenya

Prudential Kenya provides long-term protection and investment opportunities to Kenyans through innovative and affordable saving products. Prudential Kenya is committed to creating 4,000 jobs by 2020. For more information visit www.prudentiallife.co.ke.

About Prudential plc

Prudential plc, which is incorporated in England and Wales, and its affiliated companies constitute one of the world’s leading financial services groups, serving more than 24 million insurance customers. It has been in existence for over 170 years and has USD 905 billion in assets under management (as at 30 June 2018). Prudential plc is not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America.

About Standard Chartered Kenya

Standard Chartered Bank, Kenya, was established in 1911 with the first branch opened in Mombasa Treasury Square. Today, 104 years later, Standard Chartered Bank is one of the leading banks in Kenya, with an excellent franchise. It has a total of 38 branches spread across the country, 96 automated teller machines (ATMs) and 2,048 employees. Standard Chartered bank has local share holdings of 26%, comprising about 30,000 local shareholders. It has remained a public quoted company on the Nairobi Stock Exchange since 1989.

We are the oldest foreign bank in Kenya. Our capital, deposit base, and lending portfolio is reported in Kenya Shillings, and we offer a variety of local and foreign currency accounts, both deposit and loan, to our customers. Corporate and institutional business is handled mainly out of Nairobi, Mombasa and Kisumu. Further underpinning its importance, Standard Chartered Bank Kenya Limited is the regional Shared Service Centre hub supporting the Bank’s technology operations in Uganda, Tanzania, Zambia and Botswana and South Africa on a real time basis.

About Standard Chartered PLC

Standard Chartered is an international banking group, with around 86,000 employees and a 150-year history in some of the world’s most dynamic markets. We bank the people and companies driving investment, trade and the creation of wealth across Asia, Africa and the Middle East, where we earn around 90 per cent of our income and profits. Our heritage and values are expressed in our brand promise, Here for good.

Standard Chartered PLC is listed on the London and Hong Kong Stock Exchanges as well as the Bombay and National Stock Exchanges in India.

For more information please visit www.sc.com. Explore our insights and comment on our blog, BeyondBorders. Follow Standard Chartered on Twitter, LinkedIn and Facebook.

Media Enquiries

Sanam Dadhiala +254 (0)735 103 286 sanam.dadhiala@tell-em-pr.com

Gwen Kinisu +254 (0)701 152 500 Gwen.Kinisu@Prudentiallife.co.ke

 

Annie Kigira-Kinuthia, Standard Chartered Bank Kenya: +254 773 992054