Philippine regulators have given the green light for the proposed bancassurance tie-up between Robinsons Bank and Pru Life UK.
The approvals were given by the countryâ€™s central bank, Bangko Sentral ng Pilipinas, and the Insurance Commission.
Under the plan, Robinsons Bank and Pru Life UK will partner for three years so that the bank can distribute the insurerâ€™s life insurance products in its 135 bank branches across the nation.
Both camps are positive about the strategic alliance, as was expressed by their respective leaders when the partnership was formally announced in January.
Robinsons Bankâ€™s president and CEO, Elfren Antonio S. Sarte, said bancassurance was a major part of their strategic plans.
Pru Life UK president and CEO Antonio de Rosas added that the partnership would benefit Robinsons Bankâ€™s customers by providing them with easy access to Pru Life UKâ€™s life insurance solutions.
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