Prudential and UOB form bancassurance alliance

Singapore's United Overseas Bank and Prudential Corporation Asia have set up a regional bancassurance partnership, whereby Prudential will sell its insurance products through UOB's retail network. In conjunction with the alliance, UOB will sell UOB Life Assurance to Prudential for a total consideration of S$428 million ($306 million). The deal is expected to complete by the end of January. HSBC advised UOB on the transaction, while Prudential was advised by Citi. Under the arrangeme…