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
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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