Standard Chartered Bank has signed an agreement with Prudential to sell the latter’s insurance products in more markets including India. This will mean the bank’s alliance with Bajaj Allianz has virtually ended. In India, a bank can sell the products of only one life, one non-life and one health insurance company . This implies that Standard Chartered will have to terminate its pact with Bajaj Allianz to honour its new commitment. The agreement with Prudential is for a 15-year period. Under the terms of the new agreement, a wide range of Prudential’s life insurance products will be exclusively distributed through Standard Chartered branches in nine markets -Hong Kong, Singapore, Indonesia, Thailand , Malaysia, the Philippines, Vietnam, India and Taiwan subject to applicable regulations in each country. In India, the lender will sell the products of ICICI Prudential Life Insurance. The pact, which is to come into effect from July 1, is subject to regulatory approvals.
