Prudential to sell Vietnam finance unit for US$151m
Sale to S Korea's Shinhan Financial Group comes as UK insurer seeks to focus on core insurance arm in Asian nation
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Bengaluru, India
PRUDENTIAL plc has agreed to sell its consumer finance business in Vietnam to a unit of South Korea's Shinhan Financial Group for US$151 million, as the UK's largest insurer seeks to focus on its core insurance arm in the South-east Asian nation.
Prudential Vietnam Finance Co Ltd (PVFC) is the country's fourth-largest consumer finance company by outstanding loan balance, and was the first foreign, non-bank financial institution licensed for consumer lending, a company statement said on Tuesday.
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