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.
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Prudential Vietnam Financial Company was launched in 2006 and is the fourth-largest consumer finance company by outstanding loan balance in Vietnam, Prudential said.
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(END) Dow Jones Newswires
January 23, 2018 01:55 ET (06:55 GMT)