UK’s Prudential re-enters Myanmar

YANGON—Prudential plc, the UK-based international financial services group, announced yesterday that it has been awarded a licence to establish a representative office in the country’s commercial and industrial hub.

The Directorate of Investment and Company Administration (DICA) on October 29 granted Prudential the licence to open a representative office. The office, which will be headed by Allen Thai, is one of the first steps in the process to receive an operating licence, according to company sources.

Prudential has, therefore, become the first European life insurer to establish an office in the country, following Myanmar’s early steps towards economic liberalisation begun last year. Its involvement in Myanmar dates back to 1923 when it had an office based on Strand Road in the former capital, Rangoon. Its re-entry into the market is in step with the growing international support for Myanmar’s efforts to reintegrate with the international community.

“We are excited to be expanding our footprint to Myanmar. We see immense potential in this country as it continues to reform and progress its economic growth,” said Barry Stowe, chief executive officer of Prudential Corporation Asia.

“Prudential is committed to the long-term development of the insurance sector and the capital market in the country. We will offer our expertise to support the Myanmar government’s efforts to develop the financial services available to its people.”

Prudential also expressed its commitment to support the Myanmar government in developing the financial services sector and to help families in Myanmar protect their savings for the future through its suite of products.

Prudential is a core member of the UK-Myanmar Financial Services Taskforce, set up by Myanmar’s Ministry of Finance, the Central Bank of Myanmar, the UK ’s Trade and Investment Association, and Standard Chartered Bank. The taskforce was established this year to support the holistic development of Myanmar’s financial sector, focusing on priority areas to ensure faster adoption of financial services across the market. The taskforce will also provide relevant training to the private and public sectors, and act as a sounding board to the Minister for Finance, and the Central Bank Governor.

Prudential is a leading life insurer whose Asian presence spans 13 countries: Cambodia, China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan, Thailand and Vietnam. It provides a wide range of savings and protection products for more than 12 million customers in the region. Prudential has been in business for 165 years and has £427 billion (Ks 667.8 trillion) in assets under management as of June 30 this year.

Source: ELEVEN Myanmar