By Adria Calatayud

Prudential PLC (PRU.LN) said Tuesday that it has agreed to sell its Vietnamese consumer-finance unit, Prudential Vietnam Finance Company Ltd., to a subsidiary of South Korea's Shinhan Financial Group Ltd. (055550.SE) for $151 million.

Prudential and Shinhan's subsidiary--Shinhan Card Ltd.--have also agreed a new long-term bancassurance partnership in Vietnam and Indondesia, the U.K. financial-services group said.

Prudential Vietnam Financial Company was launched in 2006 and is the fourth-largest consumer finance company by outstanding loan balance in Vietnam, Prudential said.

Write to Adria Calatayud at adria.calatayudvaello@dowjones.com

(END) Dow Jones Newswires

January 23, 2018 01:55 ET (06:55 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.
Prudential (LSE:PRU)
Historical Stock Chart
From Mar 2024 to Apr 2024 Click Here for more Prudential Charts.
Prudential (LSE:PRU)
Historical Stock Chart
From Apr 2023 to Apr 2024 Click Here for more Prudential Charts.