Company declined to disclose how many employees in Singapore will be affected by move. Read more at straitstimes.com.
SINGAPORE - British insurance group Prudential PLC is closing its Singapore wealth management arm, but will leave the Hong Kong branch intact in a global reorganisation to streamline operations.
This includes wealth solutions, such as unit trusts, and general insurance, including travel insurance and motor insurance. It is currently staffed by more than 100 financial advisers. The provider of life and health insurance, as well as asset management, has been through a major transformation in recent years, shedding its businesses in the United Kingdom and the United States following pressure from shareholders to focus on faster-growing markets in Asia.
The insurance group appointed Mr Bill Maldonado as Eastspring’s chief executive officer, effective from Sept 1. Mr Maldonado reports to Prudential’s CEO Anil Wadhwani. For the first half of 2023, Prudential recorded a net profit of US$947 million compared with a net loss of US$1.5 billion a year ago.
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