PRUDENTIAL OPENS CONSUMER FINANCE UNIT IN VIETNAM

UK-based assurer Prudential has opened a consumer finance unit in Vietnam’s Ho Chi Minh City. Prudential had 42% of Vietnam’s life market by the end of 2006, according to the company’s own figures. The newly formed Prudential Vietnam Finance will offer consumer loans and mortgages, possibly expanding into the credit card sector. Speaking in Ho Chi Minh City, Prudential CEO Mark Tucker said that the move into consumer finance was a logical extension of its current brand. “We have a significant customer base here. We have excellent brand recognition”, he said.