Prudential Seeking to Sell Vietnam Consumer Finance Arm: Report

UK financial group Prudential has initiated a plan to dispose of its Vietnam consumer finance unit, Prudential Vietnam Finance Company Ltd, for around $150 million, Reuters cited people with knowledge of the matter as saying.
This is part of the group’s plan to sell or restructure some units worldwide to save costs, and to focus on its core insurance business in the Southeast Asian country.
Interested buyers include private equity firms and financial services companies, the sources added.
A sale of Prudential Vietnam Finance would be the group’s first major asset divestment since its former group CFO, Nic Nicandrou, was appointed to the head of its Asia business last year.
Prudential has an insurance business in Vietnam, which is among the top insurers in the country and on which it plans to focus after the finance unit sale, said the people.
Prudential Vietnam Finance started operation in October 2007 as the first fully foreign-owned consumer finance company in the country. It provides personal loans and mortgage loans, and claims to have about 300,000 customers by October 2016.
Prudential reported a 25% rise in first-quarter new-business profits in May worldwide, and its operating profit rose to $3.11 billion in the first half, driven by growth in Asia.


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Từ khóa: Prudential, Vietnam
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